Income Tax filers earning over Rs 1 crore skyrocket 5X in 10 years

New Delhi: The number of individuals declaring taxable income more than Rs 1 crore in their tax returns has from 44,078 in the assessment year (AY) 2013-14 (financial year 2012-13) to nearly 230,000 in AY2023-24 (FY23), The Times of India reported. During the period, the number of tax returns filed by individuals increased more than 2.2 times from 3.3 crore to over 7.5 crore.

Earlier, the Ministry of Finance informed that the huge number of taxpayers and tax professionals filed their Income Tax Returns on time, which led to the surge in filing of ITRs. A new record of ITRs were filed till July 31, 2024. The government the total number of ITRs for AY 2024-25 filed till July 31, 2024 was more than 7.28 crore, which is 7.5 per cent more than the total ITRs for AY 2023-24 (6.77 crore) filed till July 31, 2023.

The finance ministry stated that increasing number of taxpayers filed their ITRs in the New Tax Regime this year. “Out of the total ITRs of 7.28 crore filed for AY 2024-25, 5.27 crore have been filed in the New Tax Regime compared to 2.01 crore ITRs filed in the Old Tax Regime. Thus, about 72% of taxpayers have opted for the New Tax Regime, while 28% continue to be in the Old Tax Regime,” the ministry said in its release.

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The Central Board of Direct Taxes (CBDT) has forms an internal committee to comprehensively review Income-tax Act and invited suggestions from stakeholders/experts/public on the Income Tax e-filing portal – https://www.incometax.gov.in/iec/foportal/. The committee has been formed with an aim to make the “Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers”.

“In pursuance of the announcement in the Union Budget 2024-25 by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, the Central Board of Direct Taxes (CBDT) has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act),” Ministry of Finance stated.

The CBDT notified amendments in Income-tax rules for ease in claiming credit for TCS Collected/TDS Deducted for salaried employees and enabling claiming TCS credit of minors in the hands of parents.