India income tax collection up 17.7pc in 2023-24 to nearly $235bn

Trend shows rising incomes of rich taxpayers and corporate profits Only a small section of Indian households earned above the annual tax-exempt threshold, most agricultural income exempted due to small farm size NEW DELHI – Income tax receipts in India, comprising personal and corporate levies, rose 17.7 per cent year-on-year to nearly $235 billion in the 2023-24 financial year ending in March, reflecting the rising incomes of rich taxpayers and corporate profits .

The net tax collections are 7.4pc higher than the government's initial budget target set in February 2023, said a statement by the CBDT, a wing of the federal finance ministry. Meanwhile, corporate tax collections rose 10.26pc to 9.11tr rupees from 8.26tr rupees in the same period, the statement said."This is a good news," said Arun Kumar, an economist and former professor at Delhi's Jawaharlal Nehru University, adding the figures were also a "sign of rising income inequality".

The higher growth in income tax, mostly paid by relatively wealthy individuals and big companies, reflected their rising incomes and higher returns from the stock market.

Income Tax Receipts Rich Taxpayers Corporate Profits Net Tax Collections Indian Households Small Farm Size Worker Wages Small Businesses Corporate Tax

پاکستان تازہ ترین خبریں, پاکستان عنوانات

Similar News:آپ اس سے ملتی جلتی خبریں بھی پڑھ سکتے ہیں جو ہم نے دوسرے خبروں کے ذرائع سے جمع کی ہیں۔

Indonesia on alert for more eruptions at remote volcanoMount Ruang erupted nearly half a dozen times in 24 hours beginning late Tuesday
ذریعہ: DunyaNews - 🏆 1. / 83 مزید پڑھ »

China pushes banks to speed approvals of new loans to private developersThree of the nation's top five state-owned lenders are set to report shrinking net income in 2023
ذریعہ: DunyaNews - 🏆 1. / 83 مزید پڑھ »

Nepra approves tariff increase of Rs2.75/unit for consumersNepra approved tariff increase of Rs2.75 per unit for consumers in current quarter of the fiscal year 2023-24
ذریعہ: BOLNETWORK - 🏆 9. / 63 مزید پڑھ »

India hydropower output records steepest fall in nearly four decadesReduction seven times faster than global rate as the entire world experienced El Nino effects
ذریعہ: DunyaNews - 🏆 1. / 83 مزید پڑھ »

India's opposition Congress gets breather from $420 mln tax payment until after electionsThe party has called the action as politically motivated and an attempt to financially cripple it
ذریعہ: DunyaNews - 🏆 1. / 83 مزید پڑھ »

پاکستانی صارفین کی ایک کروڑ 85 لاکھ سے زائد ٹک ٹاک ویڈیوز ڈیلیٹمعروف ویڈیو شیئرنگ ایپ ٹک ٹاک نے اکتوبر سے دسمبر 2023 کے دوران پاکستانی صارفین کی ایک کروڑ 85 لاکھ  سے زائد ویڈیوز پلیٹ فارم سے ڈیلیٹ کی ہیں۔ ٹک ٹاک نے 2023 کی چوتھی سہ ماہی کے لیے کمیونٹی گائیڈ لائنز کے نفاذ کی رپورٹ جاری کی ہے۔رپورٹ کے مطابق ٹک ٹاک نے اکتوبر سے دسمبر 2023 کے دوران 17 کروڑ 46 لاکھ ایک ہزار 963 ویڈیوز کو کمیونٹی گائیڈ لائنز کی...
ذریعہ: Nawaiwaqt_ - 🏆 6. / 63 مزید پڑھ »