IT Dept Data: 1.69 Lakh Individuals Declare Income Above Rs 1 Crore

According to the income tax department data, the number of individuals reporting annual total income of over Rs one crore has doubled to 1.69 lakh in the assessment year (AY) 2022-23, which pertains to income earned in fiscal 2021-22. This figure is higher than the 1,14,446 individuals who reported similar income in AY 2021-22 and more than double the 81,653 individuals in AY 2020-21.

Moreover, during AY 2022-23, a total of over 2.69 lakh entities, including individuals, companies, firms, and trusts, have shown total income above Rs 1 crore. The breakdown includes 66,397 companies, 25,262 firms, 3,059 trusts, and 2,068 Associations of Persons.

The total number of Income Tax Returns (ITRs) filed for AY 2022-23 stood at over 7.78 crore, showing an increase from nearly 7.14 crore in AY 2021-22 and 7.39 crore in AY 2020-21.

Maharashtra topped the state-wise filing count for AY 2022-23, with 1.98 crore ITRs filed, followed by Uttar Pradesh (75.72 lakh), Gujarat (75.62 lakh), and Rajasthan (50.88 lakh). Other states with significant ITR filings included West Bengal (47.93 lakh), Tamil Nadu (47.91 lakh), Karnataka (42.82 lakh), Andhra Pradesh (40.09 lakh), and Delhi (39.99 lakh).

Notably, the number of income tax returns filed between April-June 2023 nearly doubled to over 1.36 crore compared to the previous year, indicating early filing by taxpayers to avoid last-minute rush.

The deadline for filing tax returns for income earned in the previous fiscal by individuals and those not requiring account audits was July 31, 2023, for income earned in the 2022-23 fiscal year (April-March).