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- Income Tax Return : Those With 5 10 Lakh Income Increased 3 Times In 3 Years
New Delhi13 minutes agoAuthor: Gurudutt Tiwari
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A reverse trend is being seen due to increase in income tax exemption by the Central Government. After the increase in income tax exemption, there was a fear that the number of people filing tax returns and the total returns would reduce. But in the last 3 years, the share of return payers with income between Rs 5 to 10 lakh has increased 2.8 times.
In the financial year 2023-24, 16.39% people in the income bracket of Rs 5 lakh to 10 lakh had filed returns. In this sequence, 37% people filed returns in 2024-25, whereas in 2025-26 it has increased to 46%.
Let us tell you that under the new tax regime from 2025-26, no tax will be charged on earnings up to Rs 12 lakh. For employed people, this exemption will be Rs 12.75 lakh with standard deduction of Rs 75 thousand.
The fear is over…that’s why people came forward
- Fear of notice is over: According to ICAI former Chairman (Direct Tax Committee) Chandrashekhar Chitale, taxpayers consider the increase in exemption limit as a sign of security. Earlier, small businessmen avoided paying taxes due to fear of notices.
- Not hiding income: The taxpayer declares the entire income when a large part of the income is tax-exempt. It gives mental relief. Honesty is free, so people choose honesty.
- Digital Tracking: Digital systems like UPI, GST and AIS have made it easy to trace transactions. Taxpayers are following the tax rules due to this.
- Higher discount limit: Provides an opportunity to ‘cleanse yourself’ for those who have declared less income in the past out of fear.
- Income also increased: A part also reflects the actual prosperity of the country. The income of a large population has already increased due to the growth of formal wages, gig economy and small businesses.
Income tax collection will cross Rs 25 lakh crore for the first time The Center had told in Parliament that Rs 13.23 lakh crore will be given to corporate, HUF and individual income taxpayers in 5 years. Exemption was given, but there was no decline in tax collection.
This year, for the first time, a total tax collection target of Rs 25.2 lakh crore has been set. This is 13.36% more than last year’s Rs 22.26 lakh crore, even after exempting income up to Rs 12.75 lakh.
The number of returns filed has increased by 1.39 crore between the two years 2022-23 to 2023-24. This year this number may reach a record 10 crores. By October 31, this number has crossed 8 crores. It does not include audits and company returns.
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