ITR Filing: A new record has been made in the number of people filing Income Tax Return in the country. The number of people filing ITR has more than doubled in the last 10 years to 7.78 crore. Releasing key figures on Tuesday, the Central Board of Direct Taxes (CBDT) said that 7.78 lakh income tax returns were filed in the financial year 2022-23. This is 104.91 percent more than the 3.8 crore income tax returns filed in 2013-14.
During the same period, net direct tax collection increased by 160.52 percent in 2022-23 to Rs 16,63,686 crore, which was Rs 6,38,596 crore in 2013-14. The government has set a target of raising Rs 18.23 lakh crore from direct taxes (personal income tax and company tax) in the budget of 2023-24. This is 9.75 percent more than the Rs 16.61 lakh crore raised in the last financial year.
Direct tax collection increased by 173.31 percent in 2022-23
According to CBDT data, gross direct tax collection increased by 173.31 percent in 2022-23 to Rs 19,72,248 crore which was Rs 7,21,604 crore in the financial year 2013-14. With this, the direct tax-GDP ratio increased from 5.62 percent to 6.11 percent. However, the collection cost increased to 0.57 per cent in 2022-23 from 0.51 per cent in 2013-14.
Till December 31, 8.18 crore people filed income tax returns.
Recently, the Finance Ministry said that the number of people filing returns in the country has crossed 8 crores. A record 8.18 crore income tax returns have been filed for the assessment year (AY) 2023-2024 till December 31, 2023, which is 9 percent more than 7.51 crore ITRs filed in the same period of the last financial year.
