Quick Summary
The number of Individual Income Tax Return (ITR) filers in India has witnessed a significant surge of over 43% in the fiscal year 2024-25, with total filers surpassing 9.05 crore, according to data available till January 31, 2025. This marks an overall 6.8% increase in tax filers compared to the previous fiscal year 2023-24, reflecting a broadening tax base and improved compliance. Sharp Increase in High-Income Tax Filers A notable trend in the data is the sharp rise in taxpayers reporting i
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
By January 31, 2025, the total number of ITR filers in India for FY25 had surpassed 9.05 crore.
The number of ITR filers reporting incomes exceeding ₹1 crore saw a record 43% growth in FY25, increasing to 3.21 crore from 2.24 crore in FY21.
Key measures include enhanced Form 26AS, pre-filled ITRs, the updated return filing facility, an e-verification scheme, lower tax slabs in the new tax regime, stricter laws against black money and benami transactions, and an expanded scope for TDS/TCS.
The enhanced Form 26AS now includes details of TDS, tax payments, refunds, pending demands, and Specified Financial Transactions (SFT), making taxpayers more aware of their financial activities and encouraging accurate disclosure.
This provision allows taxpayers to update their ITRs within two years of the relevant assessment year to correct any omissions, ensuring better compliance and reducing potential tax disputes.
CAclubindia
