ITR filings by taxpayers enhance by 90% in final 9 years to six.37 crore in 2021-22
The Income Tax Return (ITR) filed by particular person revenue taxpayers elevated by 90% in final 9 years to six.37 crore in AY 2021-22. The variety of ITR filings constantly elevated amongst particular person taxpayers.
In AY 23-24, 7.41 crore returns have been filed until now. Among them, 53 lakh are new first-time filers. Over the final 9 years, the returns filed by taxpayers jumped from 3.36 crore in Assessment Year (AY) 2013-14 to six.37 crore in AY 2021-22, based on the Time Series Data of Direct Taxes and Income Tax Return statistics launched on Thursday.
Along with the rise within the total variety of returns of particular person taxpayers, there may be additionally a rise in quite a lot of returns filed by particular person taxpayers throughout varied ranges of gross whole revenue.
Positive development of migration of taxpayers to larger revenue vary
The information additionally reveals a major enhance within the variety of particular person taxpayers in larger revenue vary. The variety of taxpayers within the vary of gross whole revenue of ₹5-10 lakh, and ₹10- ₹25 lahks, elevated by a whopping 295% and 291% respectively in 9 years.
Whereas, taxpayers elevated by 32% within the vary of gross whole revenue of as much as ₹5 lakh in between AY 2013-14. This vary of revenue contains people having revenue beneath taxable restrict who is probably not submitting returns.
The proportionate contribution of the gross whole revenue of the underside 25% particular person taxpayers vis-à-vis all particular person taxpayers have elevated from 8.3% in AY 2013-14 to eight.4% in AY 2021-22.
Strong progress within the gross whole revenue of particular person taxpayers
There has been a major enhance within the gross whole revenue of particular person taxpayers over the previous few years. The common gross whole revenue for particular person taxpayers elevated by 56% from about Rs. 4.5 lakh in AY 2013-14 to about Rs. 7 lakh in AY 2021-22. The enhance in common gross whole revenue for the highest 1% of particular person taxpayers is 42% whereas that for the underside 25% of particular person taxpayers is 58%
As a mirrored image of the rising base of revenue taxpayers and their rising wealth, the online direct assortment expanded to Rs. 16.61 lakh crore in FY 2022-23 from Rs.6.38 lakh crore in FY 2013-14.
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Updated: 26 Oct 2023, 08:26 PM IST