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The number of income taxpayers in India has exceeded 10 crore, reflecting a significant expansion in the tax base, according to the latest time series data from the Central Board of Direct Taxes (CBDT). This marks a nearly 98% increase over the past decade, with the number of taxpayers growing from 5.26 crore at the end of Assessment Year (AY) 2013-14 to 10.41 crore by the end of AY 2023-24. Tax buoyancy, a key indicator of how effectively tax revenues grow in relation to the economy, has also
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FAQ :
The number of income taxpayers in India has now exceeded 10 crore.
Tax buoyancy is a measure of how effectively tax revenues grow in relation to the economy. It's defined by the IMF as the ratio of the percentage change in tax revenue to the percentage change in GDP.
In FY24, India's tax buoyancy has crossed the threshold of 2, indicating that tax collections have grown at more than twice the rate of nominal GDP growth.
The increase is attributed to the formalisation of the Indian economy, leading to more employment and taxpayers. The Income Tax Department's data-driven approach, using analytics to identify potential taxpayers through spending patterns, has also played a key role.
The number of income tax return filings has also surged, with over 8.09 crore returns filed in FY24, a 144% increase compared to FY14.
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