Gujarat sees 50% surge in high-income taxpayers over 3 Years despite dip in overall filers

For FY2024-25, 20.16 lakh taxpayers from Gujarat have filed income tax returns. Of them, 1.49 lakh taxpayers have an income exceeding ₹12 lakh per year.

A total of 48.14 lakh taxpayers in India have an income of more than ₹12 lakh. Maharashtra is at the top with 7.48 lakh taxpayers. Rajasthan, West Bengal, Kerala, and Telangana are ahead of Gujarat in this list.

Out of the income tax returns filed from Gujarat in FY2024-25, the highest number of 8.84 lakh taxpayers have an income of ₹2.50 lakh and 4.58 lakh taxpayers earn between ₹5 lakh and ₹7.50 lakh every year.

Compared to 2023-24, there has been a slump in the number of income tax return filers in Gujarat in 2024-25. In 2023-24, 21.76 lakh people filed returns.

Maharashtra topped the list of states that filed the highest number of returns in 2024-25 with 46.13 lakh, followed by Uttar Pradesh with 34.60 lakh and Gujarat was at the seventh position.

It is worth mentioning that due to the new tax slab, the limit of ₹12 lakh subject to 15% tax comes with a  standard deduction of ₹75,000. 

In Gujarat, the number of people with income between ₹25 lakh and ₹50 lakh was 20,531 in 2023-24 and it has increased to 23,606 in 2024-25.

It was 16,808 in 2022-23 and 14,499 in 2021-22. Thus, there has been an increase of more than 50% in the number of taxpayers with income of more than ₹25 lakh in 2024-25 compared to 2021-22 in Gujarat.