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Average income of middle-class Indians tripled in 8 years to ₹13 lakh in FY22: SBI
short by Hiral Goyal / on Friday, 18 August, 2023
Average income of middle-class Indians tripled from ₹4.4 lakh in FY13 to ₹13 lakh in FY22, SBI Research said based on ITR filing data. Many taxpayers transitioned from lower income group to upper income group, the report said. It also cited a fall in number of tax return filers with zero tax liability as reason for rise in middle-class income.
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