Income tax returns: The country’s population may be the largest in the world, but Indians are still lagging behind in filing income tax returns. The latest data shows that only 6.68 per cent of India’s population filed income tax returns for the financial year 2023-24, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha.
Over 8.09 crore income tax returns filed
The minister said that more than 8.09 crore income tax returns were filed in the financial year 2023-24, although it was more than 7.40 crore in the financial year 2022-23. In FY22, the number of ITRs filed was over 6.96 crore, up from over 6.72 crore in FY21 and over 6.48 crore in FY20. “In FY 2023-24, the percentage of the population that files Income Tax Return is 6.68 per cent. (In FY 2023-24, the total number of persons filling income tax returns is 8,09,03,315),” Chaudhary said.
He further said that the total number of individuals reporting zero taxable income in their ITR is 4.90 crore in assessment year 2023-24, up from 4.64 lakh in 2022-23.
Income tax filers advocated simplification of ITR process
Notably, in a recent survey, most of the income tax filers advocated simplification of the ITR process, ease of calculation of incentives and deductions, and simplification of the TDS structure to one rate one section. Deloitte’s Income Tax Policy Survey also suggested eliminating the need to issue Form 16A, as the TDS information is already available in the recipient’s Form 26AS and AIS.
Income Tax Return i.e. ITR is a type of form in which all the information of your income is filled. Currently, there are 7 types of ITR forms. A fixed date is fixed for filing ITR for a company or an individual, but in special circumstances, the government can also extend the date of filing income tax.
(With PTI inputs)
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