Assessment of Income Tax: It has been 76 years since the country’s independence and India is celebrating its 77th Independence Day today. Recently, the last date for submission of income tax returns in the country ended on July 31 and the income tax return data this year has been very encouraging. A report by State Bank of India, the country’s largest state-owned bank, has come out analyzing the income tax data for this year. Based on this, the income tax and public income statistics are estimated in the country for the coming years. It also predicts the per capita income or per capita income of the country in 24 years from today i.e. 2047.
When will the per capita income reach close to Rs.15 lakhs?
In the fiscal year 2023, the country’s per capita income stood at Rs 2 lakh, which will reach around Rs 15 lakh when India completes 100 years of independence. It is expected to reach Rs 14.9 lakh in the year 2047. In dollar terms, it is expected to increase from $2,500 to $12,400 in fiscal 2023.
For this report, SBI has estimated the year from 2012 to 2023. It shows how the country’s tax system is becoming more efficient and its statistics are improving as the country’s population grows. There are some highlights in this report, which you can read about here.
Know the highlights of the SBI report.
Compared to assessment year 2012, in assessment year 2023, 13.6 percent of the population moved out of the low income group to the high income group. In addition, 25 percent of the population is expected to move from the low-income group to the high-income group by the year 2047.
The number of income tax payers in the country is expected to reach 8.5 crore for assessment year 2024.
In the year 2023, the number of ITR-1 filers was 42 percent.
In assessment year 2012, 84.1% of the total number of taxpayers showed nil tax liability. It has now come down to 64% in assessment year 2023. It simply means that the income of income tax return filers in the country has increased due to which more people have started paying taxes.
Also read this
Independence Day 2023: PM Modi Announces Vishwakarma Yojana and Cheap Home Loan Interest Scheme, Who Will Benefit