The taxpayers of the country have destroyed all the previous records this year. A record 8.18 crore income tax returns (ITR) have been filed till December 31, 2023. These ITRs have been filed for assessment year 2023-24. This is a new record. After all, what is the meaning of having such a large number of ITR files?
According to the information of the Income Tax Department, there has been an increase of 9 percent in the number of ITR filings in 2023 as compared to last year. Till December 31, 2022, only 7.51 crore ITRs were filed across the country. Due to the increased number of ITRs, the Income Tax Department also had to do extra work.
In the year 2023, the Income Tax Department had to go through the scrutiny of 1.60 crore audit reports and other forms. Whereas in 2022 this number was only 1.43 crores. The Income Tax Department has started issuing Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) for the convenience of the people. Due to this, people have become better at scrutinizing their tax information on their own.
Modi government’s hard work paid off
Modi government has made many efforts to increase tax collection in the country. As a result of these efforts of the government, the number of people filing income tax returns is increasing. However, this does not completely indicate an increase in tax collection. Many reforms related to income tax took place during the tenure of Modi government. These include faceless ITR analysis, bringing in a new tax system by the government and increasing the tax exemption limit to Rs 7.5 lakh to make it more attractive. To disseminate across the country, like sending more than 103.5 crore e-mails or SMS. Due to all this, the number of ITR filings in the country has increased.
After all, what is the meaning of increasing ITR?
This increase in the number of ITRs indicates many important things. This is also a sign of the government improving tax scrutiny, increasing jobs in the organized sector, the economy becoming more formal as well as increasing awareness among people.
