NEW DELHI New Delhi: Consistent with a brand new record, the collection of crorepati taxpayers in India higher 5 instances to two.2 lakh in Source of revenue Tax Overview Yr (AY) 2024 in comparison to AY 2014. Over the past 10 overview years, whilst the entire collection of taxpayers grew 2.three times to Rs 8.62 crore in AY24, in step with a analysis record by way of the Financial Division of State Financial institution of India (SBI), the expansion within the source of revenue crew above Rs 10 lakh is somewhat horny. Detailed research presentations that the center The source of revenue of the class has higher from Rs 1.5-5 lakh in AY14 to Rs 2.5-10 lakh in AY24. The overall source of revenue tax returns filed all the way through AY24 higher from Rs 7.3 crore in AY 22 to Rs 8.6 crore. Of those, a complete of 6.89 crore or 79 according to cent returns have been filed on or sooner than the due date.
The record mentioned, “For FY2025, 7.3 crore ITRs were filed by way of the due date and a couple of.0 crore extra returns are anticipated to be filed in the remainder monetary yr until March 2025, taking the entire quantity to just about 9 crore/ “For FY 2025, the percentage of IT returns filed after the due date might come all the way down to round 18-19 according to cent. This might replicate self-discipline amongst taxpayers,” the SBI record mentioned. This, coupled with CBDT’s steady efforts to create an effective, digital-heavy submitting, verification and returns structure with none hassles, results in simplification of IT bureaucracy and processes.”
Total, 5.1 crore extra ITRs were filed in FY2024 in comparison to FY15, with the best build up recorded in Maharashtra, adopted by way of Uttar Pradesh, Gujarat, Rajasthan and Tamil Nadu, the record mentioned. Relating to share expansion, smaller states like Manipur, Mizoram and Nagaland have recorded greater than 20 according to cent expansion in ITR submitting all the way through the ultimate 9 years. Estimates display that ladies taxpayers represent about 15 % of particular person taxpayers. Some states like Kerala, Tamil Nadu, Punjab and West Bengal have a better proportion of feminine taxpayers.
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