Quick Summary
The State Bank of Indias recent report on income tax filings reveals a significant uptick in the number of individuals filing income tax returns in the assessment year 2022-23 (AY23). The report sheds light on various aspects of this increase, showcasing a notable shift in income brackets, evolving taxpayer discipline, and a decline in income inequality. Surge in Tax Filings and Shifting Income Brackets The total number of persons filing income tax increased to 74 million in AY23 fr
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FAQ :
In Assessment Year 2023 (AY23), a total of 74 million individuals filed their Income Tax Returns, an increase from 70 million in AY22.
Between AY14 and AY22, individuals earning between Rs 5 lakh and Rs 10 lakh saw a 295% surge, while those earning between Rs 10 lakh and Rs 25 lakh experienced a 291% increase.
The report anticipates that the share of Income Tax Returns filed after the due date will drop to around 20% in Assessment Year 2024 (AY24).
The decline in late filings is attributed to increased taxpayer discipline and more streamlined income tax filing processes.
Yes, the analysis of tax return data reveals a dip in income inequality between FY14 and FY22.
The report indicates positive economic transformation, with 36.3% of individuals in the lowest income group in FY14 having moved up the income ladder.
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