The income-tax returns (ITRs) filed for the assessment year 2022-23 is much lower than the returns filed during the pandemic years, says a report.
The 58.3 million ITRs filed for the year as on July 31 is much lower than the 71.4 million returns filed in the assessment year 22 and also less than the number for each of the previous three years, including pre-pandemic AY19, which witnessed 65.3 million returns, the Business Standard reports.
"The assessment year broadly corresponds to income earned in the previous financial year. Thus, AY23 is the assessment year for income earned during the financial year 2021-22 (FY22). There has generally been a rising trend in the number of returns filed. This largely persisted even during the pandemic, at least relative to the time before the Covid-19 outbreak," the report noted.
The number of income tax returns filed thus far for AY23 is lower; the deadline of July 31 was not extended this year unlike during the pandemic-affected years.