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The number of people paying personal income tax in the country has increased over the last 10 years. SBI Research has released a report on the growth of income taxpayers from 2014 to 2024. It indicates that the income threshold for the middle class rose from Rs. 1.5 lakh to Rs. 5 lakh in 2014 and from Rs. 2.5 lakh to Rs. 10 lakh by 2024. The number of taxpayers grew to 8.62 crore in 2024.
