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The Earnings Tax Division has, through the years, centered on a number of measures to make sure ease in compliance of taxpayers and clear tax administration. In keeping with transparency in its functioning, the Division had launched the + and Earnings Tax Return statistics, in varied tranches, infrequently.
The info reveals that the variety of ITR filings has proven a constant upswing over the previous few years. The returns filed by particular person taxpayers have elevated from 3.36 crore in Evaluation 12 months (AY) 2013-14 to six.37 crore in AY 2021-22 registering an general improve of 90%. Throughout the present fiscal too, 7.41 crore returns have been filed for AY 2023-24 until date, together with 53 lakh new first time filers. This is a sign of the widening of tax base subsequent to varied reform measures put in place by the Division.
The truth is, whereas the general variety of returns of particular person taxpayers has proven a rise through the years, there may be additionally a rise in variety of returns filed by particular person taxpayers throughout varied ranges of gross whole revenue.
- Within the vary of gross whole revenue upto Rs. 5 lakh, the variety of returns filed by particular person taxpayers has elevated from 2.62 crore in AY 2013-14 to three.47 crore in AY 2021-22 registering a rise of 32%. This vary of revenue contains people having revenue beneath taxable restrict who is probably not submitting returns.
- Within the vary of gross whole revenue of Rs. 5 lakh to Rs. 10 lakh, and Rs. 10 lakh to Rs. 25 lakh, the variety of returns filed by particular person taxpayers from AY 2013-14 to AY 2021-22 has registered a rise of 295% and 291% respectively.
This means that particular person taxpayers are exhibiting a optimistic pattern of migration to increased vary of gross whole revenue.
An additional evaluation of the gross whole revenue of particular person taxpayers for AY 2013-14 and AY 2021-22 additionally reveals that:
- The proportionate contribution of gross whole revenue of prime 1% particular person taxpayers vis-à-vis all particular person taxpayers has decreased from 15.9% in AY 2013-14 to 14.6% in AY 2021-22.
- The proportionate contribution of gross whole revenue of backside 25% particular person taxpayers vis-à-vis all particular person taxpayers has elevated from 8.3% in AY 2013-14 to eight.4% in AY 2021-22.
- The proportion of gross whole revenue of center 74% group of particular person taxpayers elevated from 75.8% to 77% within the above interval.
- The typical gross whole revenue for particular person taxpayers elevated from about Rs. 4.5 lakh in AY 2013-14 to about Rs. 7 lakh in AY 2021-22 representing a rise of 56%. The rise in common gross whole revenue for prime 1% particular person taxpayers is 42% whereas that for backside 25% particular person taxpayers is 58%.
The above information is clearly indicative of a sturdy progress within the gross whole revenue of people throughout completely different revenue teams subsequent to AY 2013-14. The general impression has been mirrored in improve in web direct tax collections from Rs.6.38 lakh crore in FY 2013-14 to Rs. 16.61 lakh crore in FY 2022-23. This has been made doable because of the taxpayer pleasant and taxpayer oriented progressive insurance policies adopted by the Authorities. The Division is dedicated to make sure transparency in processes, effectivity in administration and concerted efforts at constructing belief with taxpayers and stakeholders.
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