Presenting the human side of data on income tax returns (ITR), a report from SBI Research titled ‘Deciphering Emerging Trends in ITR Filing: The Ascent of the New Middle Class in Circular Migration points out how the average Indian middle class income has risen over the years.
The average income (weighted mean) has grown from Rs 4.4 lakh in financial year 2012-13 (FY13) to Rs 13 lakh in FY22. According to the report, the reasons for this are twofold.
