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NEED TO SIMPLIFY TAX BRACKETS AND BROADEN THE NET
The New Indian Express
|November 16, 2024
THE government has claimed that the tax burden on individuals earning less than 20 lakh a year-that is, the middle class has reduced over the past decade, while that on the rich-those earning more than ₹50 lakh has substantially increased.
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As per income tax data, the number of filers above 50 lakh increased five fold from 1.85 lakh in 2013-14 to 9.39 lakh in 2023-24, while their tax liability shot up 3.2 times from ₹2.52 lakh crore to ₹9.62 lakh crore. In other words, they contribute the lion's share of about 76 percent to the annual income tax kitty. On the other hand, the share of those earning less than 10 lakh reduced from 10.17 percent to 6.22 percent and, after adjusting for inflation, it translates to an almost 60 percent decline in tax liabilities over the decade.
This story is from the November 16, 2024 edition of The New Indian Express.
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