New Delhi: A report by the State Bank of India on Friday stated when it comes to income disparity coverage, there is a cumulative 74.2 per cent decline for those with a maximum income of Rs 5 lakh in a year between fiscal years 2013-14 and 2022-23. The SBI’s Economic Department research report took the assessment years (AY) 2014-15/FY14 and AY24/FY23 and analysed the income disparity curves. The report’s title is ‘How Tax Simplification has given a necessary fillip to ITR Filing’.
During AY15 and AY24, the income disparity comparison showed a rightward shift in the income distribution curve. The report states that people belonging to the lower-income category are increasing their income. It also states that the government is continuously reaching out to the pyramid’s bottom and helping the people in the lower-income category to increase their income.
In FY14, the income disparity of people with an income limit of Rs 3.5 lakh was 31.8 per cent. In FY21, it has come down to 12.8 per cent. As per the report, it shows a 19 per cent income increase in the group’s share compared to their population. For those with an income limit below Rs 5.5 lakh, there has been a positive growth rate for all years in the last decade except in AY20 because of the COVID-19 pandemic.
As per the report, there is a saturation-like situation in ITR filing for the traditional leaders in the income tax base like Delhi, Maharashtra, Karnataka and Gujarat. Meanwhile, Uttar Pradesh is leading the increase in the income tax file base share, followed by the likes of Andhra Pradesh, Bihar, Rajasthan and Punjab.
The report shows that lower-income category people are increasing their income. As per the report, the government is continuously reaching the bottom of the pyramid. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
