ITR Fillers with No Tax Liability double in Andhra Pradesh in 3 years:

ITR Fillers with No Tax Liability double in Andhra Pradesh in 3 years ITR Filing: In the 2019-20 financial year, around 20.8 lakh Andhra Pradesh residents filed income tax returns. In 2019-20, there were 6.64 lakh filers having no tax liability. In the financial year 2022-23, the majority of filers remained at 21.65 lakh mark. Despite the fact that less than one lakh persons were added to the tax net in the previous three years, the number of people with no tax liability nearly increased to 13.04 lakh. This means that only around 1 to 1.5% of the state's population pays income tax, while the remaining 60% of filers do not. This trend might be traced in part to the Covid-19 outbreak and its disruptive effects on economic activity. After 6.64 lakh people declared nil tax liability in 2019-20, the figure instantly jumped to 12.55 lakh in 2020-21, the first year of the epidemic. The filing and income patterns have remained consistent in subsequent years, with no significant changes in the previous two years. The economic impact of Covid-19 might be gauged by the fact that the economic worth of commodities traded in the state's agricultural markets fell to 48 crore in April 2020. By March 2021, this figure had risen to 869 crore. Similarly, power usage in Andhra Pradesh fell to 1,725 GWh (gigawatt hours) in June 2020. By May 2021, it had reached a high of 5,676 GWH. Meanwhile, according to a recent SBI research study based on ITRs, the weighted mean income of Indian filers in the 2014 tax assessment year was 4.4 lakh. This figure is expected to rise to 13 lakh by 2023. According to the research, this occurred as a result of circulatory movement and skilled labour upgrading to better possibilities and so migrating to a higher income bucket. Weighted mean income is estimated to rise from 13 lakh now to 49.7 lakh in 2047. By FY47, around 0.5% of filers are predicted to transfer to the income bracket of 50 lakh-one crore, and 0.075% to the income bracket of more than one crore.