Aug 21, 2023
By: Sourabh Jain
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Data from the Income Tax Department has revealed that there was an increase in the number of tax filers in FY23.
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The highest increase in tax filers was recorded in the above ₹50 lakh bracket.
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Let us look at the income earned by Indians during FY23 as per data from the Income Tax Department and how it has changed from FY22.
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The tax filers in the up to ₹5 lakh bracket has increased from 4.43 crore to 4.65 lakh people, an increase of nearly 5 percent.
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The ₹5 to ₹10 lakh bracket has recorded an increase of 12 percent, up from 98.14 lakh filers to 1.10 crore filers.
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The ₹10-₹20 lakh bracket has recorded an increase of over 23 percent, up from 36.79 lakh filers to 45.54 lakh filers.
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The ₹20-₹50 lakh bracket has also recorded a substantial increase at 31 percent. The tax filers in this bracket have increased from 14.62 lakh in FY22 to 19.2 lakh in FY23.
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The ₹50-lakh-₹1 crore bracket has recorded an increase of over 33 percent, with tax filers in this bracket increasing from 2.39 lakh to 3.32 lakh.
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The above ₹1 crore bracket has recorded the highest percentage increase at 48 percent. The tax filers in this bracket have increased from 1.14 lakh to 1.69 lakh.
Credit: Canva
The ₹50-lakh-₹1 crore bracket has recorded an increase of over 33 percent, with tax filers in this bracket increasing from 2.39 lakh to 3.32 lakh.
Credit: Canva