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Shifting Trends and Income Inequality
November 1 , 2023
390 days
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- The Income tax return statistics for the assessment years 2019-20 to 2021-22 released by the Income Tax Department.
- During the financial year 2020-21, a total of 6.75 crore taxpayers filed their income tax returns.
- It is marking a 5.6 percent increase from the previous year’s 6.39 crore filings.
- Additionally, around 2.1 crore taxpayers paid taxes but did not file returns, indicating a persistent issue.
- The total number of taxpayers has shown a consistent increase, rising from 5.87 crore in AY 2018-19 to 6.75 crore in AY 2021-22.
- The top 1 percent of income tax payers went from earning 17 percent of all income in 2013-14 to 23 percent in 2021-22.
- The income growth of the ultra-rich outpaced that of the middle class.
- The top 1 percent are seeing their income grow 60 percent faster than the lowest 25 percent of taxpayers.
- Around 7.41 crore returns were filed for AY 2023-24, including 53 lakh first-time filers.
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