New Delhi: A similar study by SBI Economic Research focuses on the upsurge of millionaire ones in India based on the Analysis Year 2023-24 in terms of direct taxes where a number of individuals fulfilling the condition with the income more than ₹1 crore. It is informative in terms of the current and changing face of taxes within the country.
crossing ₹ 1 crore and those declaring their IT returns were about 44,000 in the assessment year 2013-14 which increased to an impressive 2.2 lakh in the latest fiscal period, as per the SBI report. Just about a decade ago the figure was a mere $400 million, this is a five fold increment.
Main highlights of the SBI Report
Titled “How Tax Simplification Has Given a Necessary Flip to ITR Filing,” the SBI report discusses how adapting the tax system to contemporary needs has enhanced tax collection efficiency. It acknowledges that Gross Taxes Direct during the Assessment year 2023-24 to the total gross domestic product comprises individual income taxes and corporation taxes, and sum up to the percentage of 56.7 of total tax revenue to the government of India. This means direct taxes contributed the highest participation over the last 14 years.
Also, the personal income taxes have been collecting at a higher rate than the corporate income taxes with the collections going up by 6% while corporate taxes were up by 3%. It this regards, this trend has been arrived at due to the government’s constant endeavour to enhance the collection of taxes in the country.
Growth in Taxpayer Numbers
While the total number of taxpayers has tripled and touched the level of 8.62 crore this year. However, there has been a phenomenal rise in the amount of respondents who earned more than ₹100000 which can be overall indicative of the growing middle class population of the country. Also, with female taxpayers now comprising of 15% of the taxpayers, there has been a step up on account of gender equality within India monetary system.