74.6 Million PIT Returns Filed in FY23, Showcasing Remarkable Growth Since FY15
Government's Efforts to Widen the Taxpayer Base Bear Fruit, Anticipates Surge in Revenue
In a recent revelation by the Income-tax department, the total number of income tax returns (ITRs) filed by personal income tax filers (PIT), comprising individuals and Hindu Undivided Family (HUF), has witnessed a staggering 94% increase between the fiscal years 2015 and 2023. This significant surge reflects the progress achieved during the first nine years of the Narendra Modi government.
The data released by the Income-tax department discloses that the fiscal year 2023 witnessed a remarkable milestone, with a whopping 74.6 million PIT returns being filed, compared to 38.4 million in the fiscal year 2015. This remarkable growth highlights the success of the government's persistent efforts to expand the taxpayer base and potentially accelerate revenue receipts in the years to come.
Notably, the collections from PIT have shown an impressive 213% growth between FY15 and FY23. Although this is a substantial increase, it falls slightly short of the growth observed in the preceding decade.
Experts attribute this remarkable growth in the number of tax filers to a multitude of factors. These include the digitization of tax administration, the alleviation of compliance burdens, an upsurge in income levels, and enhanced coverage of the Tax Deducted at Source (TDS) regime. These concerted efforts have contributed significantly to the nation's expanding tax base, thus bolstering the government's revenue prospects.
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