Over 2.69 lakh income tax returns were filed for income above Rs 1 crore for the financial year 2022-23, an increase of 49.4 per cent from the pre-pandemic year of 2018-19, while returns filed for income up to Rs 5 lakh rose by 1.4 per cent in the same period, as per e-filing data of the Income Tax Department. In absolute terms, 2.69 lakh income tax returns were filed for income above Rs 1 crore for financial year 2022-23 as against 1.93 lakh for 2021-22 and 1.80 lakh for 2018-19.
In comparison with 2019-20, the number of income tax returns filed for 2022-23 rose by 41.5 per cent for tax filers with income above Rs 1 crore, whereas those in the income bracket of up to Rs 5 lakh registered an increase of just 0.6 per cent. The impact of the Covid-19 pandemic on incomes is visible in a significant pattern in the income tax returns filed — except for the income category of up to Rs 5 lakh, all other income groups saw a decline in the number of income tax returns filed during 2020-21.
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