Key Points
A research report by State Bank of India, that assessed the emerging trends from the recently-closed ITR filing process, revealed that a significant number of taxpayers have left the lower income strata and migrated upwards..
The weighted mean income is also expected to increase significantly, the report added...
The report added that 1.5 per cent has increased in the income group of Rs 20-50 lakh, while 0.2 per cent has increased in the Rs 50 lakh-1 crore income group...
SBI predicted 25 per cent of ITR filers to leave the lowest income strata by FY47, with around 17.5 per cent filers moving to the Rs 5-10 lakh group, 5 per cent to Rs 10-20 lakh group, and 3 per cent to Rs 20-50 lakh group..
It added that by FY47, 0.5 per cent of filers are expected to shift to income group of Rs 50 lakh - Rs 1 crore, and 0.075 per cent to income group of above Rs 1 crore...
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