Winning Bizness Desk
Mumbai. After deadline for personal income tax filing in the country ended on 31 July 2023, many surprisingfacts are now coming out from the data related to it. This year's income tax return filing data has revealed that the number of taxpayers with income above Rs 1 crore in the country has increased rapidly. For the financial year 2022-23, the number of taxpayers with income above Rs 1 crore has been 2.69 lakh among those who filed ITR. This is 49.4 percent more than the year 2018-19. This way, in the last 4 years, the official number of people earning more than Rs 1 crore has increased by almost 50 percent, which can be considered as a sign of increase in the number of income tax payers in the country.
More number of taxpayers
According to the e-filing data of the Income Tax Department, the number of taxpayers with income above Rs 1 crore in the financial year 2022-23 was 2.69 lakh, which was 1.93 lakh in the financial year 2021-22. Whereas in the financial year 2018-19 it was at 1.80 lakh. If we look at the number of taxpayers paying income tax of more than Rs 1 crore as compared to the year 2019-20, an increase of 41.5 per cent has been seen in it. On the other hand, compared to this period, the number of people paying income tax above Rs 5 lakh has increased by only 0.6 per cent. Similarly, there has been an increase of 1.4 per cent in the number of taxpayers earning more than Rs 5 lakh. Compared to the financial year 2018-19, there are 1.10 crore taxpayers in the tax bracket of Rs 5 lakh to Rs 10 lakh. If we look at the figure of tax payers in each tax bracket, 4.65 crore taxpayers showed income less than Rs 5 lakh i.e. paid zero tax.
1.10 crore taxpayers in the tax bracket of 5 to 10 lakh
There are 1.10 crore taxpayers in the tax bracket of Rs 5 lakh to Rs 10 lakh. The number of taxpayers with income between Rs 10 lakh and Rs 20 lakh is 45 lakh. The number of taxpayers between Rs 20 and 50 lakhs has been 19 lakhs. The number of taxpayers with income between Rs 50 lakh and Rs 1 crore has been 3.3 lakh. The number of taxpayers with income above Rs 1 crore has been 2.69 lakh.
