Key Points
Further, the ministry also said that as many as 7.41 crore returns have been already filed for AY 2023-24 till date, including 53 lakh new first time filers...
It stated that between AY 201314 and AY 202122, the ITRs filed by individual taxpayers earning between Rs 5 lakh and Rs 10 lakh climbed by 295 per cent, showing a positive trend of migration to higher range of gross total income...
Further,in the range of gross total income up to Rs 5 lakh, 2.62 crore returns were filed in AY 201314 and 3.47 crore forms in AY 202122, representing a 32 per cent rise..
A more thorough examination of the individual taxpayer data for the fiscal years 201314 and 202122 revealed that the average gross total income of these taxpayers increased by 56%, from roughly Rs 4.5 lakh in the former fiscal year to almost Rs 7 lakh in the latter...
The proportionate contribution of gross total income of top 1% individual taxpayers vis--vis all individual taxpayers has decreased from 15.9% in AY 2013-14 to 14.6% in AY 2021-22.The proportionate contribution of gross total income of bottom 25% individual taxpayers vis--vis all individual taxpayers has increased from 8.3% in AY 2013-14 to 8.4% in AY 2021-22.The proportion of gross total income of middle 74% group of individual taxpayers increased from 75.8% to 77% in the above period...
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