Over 60% of returns filed for amount less than Rs 5 lakh, shows data

Higher tax exemption slabs may exclude significant numbers from existing pool

Nearly two-thirds of the returns that individuals filed were for income of Rs 5 lakh or less, according to a Business Standard analysis of the latest available tax data. This comes amid reported discussions about raising the minimum threshold at which income tax is paid.

A total of 63.3 per cent of the total income tax returns that individuals filed were for an amount equal to or less than Rs 5 lakh, showed an analysis of the income tax data for the latest available assessment year of 2018-19. An income tax return (ITR) is a form that entities submit to