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Lockdown Fallout: Reduced Income, Less Indians Filing Tax Returns

by Rahul Gautam Dec 24, 2020 • 10:19 AM Views 286

 

COVID-19 pandemic and India's hastily-implemented lockdown had a severe impact on people's income and as a result, there has been a decline in the number of Indians filing tax returns. In 2019-20, 3.75 crore people have filed ITR so far while in 2018-19, the numbers was 5.65 crore. Even though there are still 7 days left to file 2019-20 ITR, but it is feared that this figure will be less than 2018-19. Four months ago, in a research report by the SBI, it was estimated that the country's economy could suffer a loss of Rs 38 lakh crore in the current financial year