Income tax data for FY23 has been released by the Income Tax Dept.
A short thread ๐งต
A short thread ๐งต
In FY21, the number of individuals in the 5L bracket was higher at 5+ Cr.
But in the last 2 years, individuals in the higher income bracket have increased.
And overall the total number of filers has also increased.
But in the last 2 years, individuals in the higher income bracket have increased.
And overall the total number of filers has also increased.
Where are these tax filers?
The top 5 states are
Maharashtra
Uttar Pradesh
Gujarat
Rajasthan
West Bengal
The top 5 states are
Maharashtra
Uttar Pradesh
Gujarat
Rajasthan
West Bengal
Top 5 states together make up 47% of individuals. Not many would have expected Rajasthan and West Bengal to be at #4 and #5 respectively.
Statewise growth in filers
North east India has seen a prominent increase in the number of taxpayers from last year but that can be attributed to low base effect.
South India has seen a slightly above average increase.
Ladakh is the only place where the number of tax-filers has reduced.
South India has seen a slightly above average increase.
Ladakh is the only place where the number of tax-filers has reduced.
ITR 1 and ITR 4 remain the most popular.
Change in ITR filing from FY22 to FY23. ITR-2 which also includes capital gains has seen the highest increase.
Another side effect from stock market participation.
Another side effect from stock market participation.
For our economy to truly flourish, we need more people gainfully employed and these numbers are a good indicator that we are on the right track.
Of course a lot more needs to be done.
Of course a lot more needs to be done.
For those interested, in what the ITRs mean -
ITR 2A is a newly-introduced form. The only difference is that it does not have income from capital gains.โโ
ITR4S is for those taxpayers who have opted for the presumptive income scheme.
ITR 2A is a newly-introduced form. The only difference is that it does not have income from capital gains.โโ
ITR4S is for those taxpayers who have opted for the presumptive income scheme.
This is a special scheme as per Section 44AD where you don't have to maintain books of your business.
ITR 6 is for companies which are claiming for exemption under section 11
(income from property for religious or charitable purposes)
ITR 6 is for companies which are claiming for exemption under section 11
(income from property for religious or charitable purposes)
ITR7 is for companies which are claiming for exemption under either of these-
Section 139 (4A)- if they earn from a charitable /religious trust
Section 139 (4B)- if they earn from a political party
Section 139 (4C)- if they earn from scientific research institutions
Section 139 (4A)- if they earn from a charitable /religious trust
Section 139 (4B)- if they earn from a political party
Section 139 (4C)- if they earn from scientific research institutions
Section 139 (4D)- if they earn from universities or colleges or institutions or khadi and village industries
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