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34% rise in entities filing tax returns of over Rs 500cr in FY21
According to the latest data released by the income tax department, 589 taxpayers filed returns with a gross total income of over Rs 500 crore in the assessment year 2021-22. This is a 34% increase from the previous year. Additionally, approximately 2.1 crore taxpayers paid taxes but did not file returns in 2021-22. The rise in returns and incomes can be attributed to robust economic growth, rising corporate profits, higher household incomes, and the use of big data and technology by tax authorities.
According to the latest data released by the income tax department, 589 taxpayers filed returns with a gross total income of over Rs 500 crore in the assessment year 2021-22. This is a 34% increase from the previous year. Additionally, approximately 2.1 crore taxpayers paid taxes but did not file returns in 2021-22. The rise in returns and incomes can be attributed to robust economic growth, rising corporate profits, higher household incomes, and the use of big data and technology by tax authorities. 
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