India’s economic stress preceded the Covid-19 pandemic, but worsened in its aftermath as individuals with incomes and salaries took a hit.
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The latest government data shows a 6.6 per cent contraction in the number of income tax returns (ITRs) filed by individuals earning up to Rs 50 lakh in financial year 2019-20.
The latest data on ITRs showed a 9.8 per cent contraction in filings of ITR-1 offline and 4.5 per cent contraction in filings of ITR-1 online for FY20.
ITR-1 Sahaj can be filed by a resident individual, who is not included in the Hindu Undivided Family (HUF), having an income of up to Rs 50 lakh.
Total income includes income from salary or pension, income from one house property, income from other sources such as interest from a bank account (excluding winnings from lottery and income from racehorses, income taxable under section 115BBDA, or income of nature referred to in section 115BBE) and where agricultural income is up to Rs 5,000.
