These are high 5 states with practically 50% complete earnings tax returns filed

Maharashtra, Uttar Pradesh, Gujarat, Rajasthan, and West Bengal are the highest 5 states, constituting 48 % of the entire earnings tax returns filed in AY23.  A analysis report by the State Bank of India has assessed the rising tendencies from the recently-closed ITR submitting course of. The report revealed {that a} vital variety of taxpayers have left the lower-income strata and migrated upwards.

Overall, there have been 64 lakh extra ITRs filed in AY23 over AY22, with the utmost improve registered in Maharashtra adopted by Uttar Pradesh, Punjab, Gujarat, and Rajasthan, the report mentioned. 

In phrases of progress, smaller states of Manipur, Mizoram and Nagaland have registered greater than a 20% improve in ITR filed over the last 9 years, the report added.

The SBI report additional mentioned that the weighted imply earnings of ₹4.4 lakh in AY14, primarily based on ITR filings, has now elevated to ₹13 lakh. It is additional anticipated to extend to ₹49.7 lakh in 2047, with a good portion of taxpayers migrating from decrease earnings group to upper-income group.

In its analysis titled, “Deciphering Emerging Trends in ITR Filing: The Ascent of the New Middle Class in circular migration,” the SBI Report examined how an environment friendly tax system is incubating a wholesome, upwardly cell “Middle Income Class”: Threshold Middle-Class Income set to touch ₹50 lakhs in 2047.

The last date for filing tax returns for income earned in the previous fiscal by individuals and those who do not need to get their accounts audited was July 31.

Earlier, the income tax department had said that a record 6.77 crore income tax returns for the assessment year 2023-24 were filed till July 31, including 53.67 lakh first-time filers.

“The complete variety of ITRs for AY 2023-24 filed until thirty first July 2023 are greater than 6.77 crore, which is 16.1 per cent greater than the entire ITRs for AY 2022-23 (5.83 crore) filed until thirty first July 2022,” the earnings tax division mentioned in an announcement.

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Updated: 16 Aug 2023, 12:13 PM IST