The number of Income Tax Returns (ITR) filed increased in the fiscal year 2021-22. Sangeeta Singh, Chairman of the Central Board of Direct Taxes (CBDT), provided this information. In an interview with the news agency PTI, Singh stated that 7.14 crore income tax returns were filed in the fiscal year 2022, while 6.9 crore were filed in the fiscal year 2020-21. He stated that the number of income tax returns has increased, indicating an increase in economic growth.
Growth in ITR
According to Singh, the number of taxpayers and revised returns has increased. This situation usually occurs when the country’s economic development is on the rise. If economic activity increases, so will purchasing and selling. In contrast, if the economy does not grow, there can be no tax increase.
Increasing awareness about tax payment
The chairman of the CBDT has also cited Prime Minister Modi’s Digital India initiative as a reason for increasing tax payments. During the Corona epidemic, people began to make more digital payments, which resulted in a shift in public opinion. It also contributes to making taxpayers aware of the importance of making tax payments on time by providing information to them. Digitization has increased in recent years. According to the chairman of the CBDT, tax collection in the fiscal year 2021-22 was more than Rs 14 lakh crore, which was higher than in the fiscal year 2019-20. According to Singh, the updated returns are also receiving positive feedback. When you file the return, if the CBDT receives additional information, taxpayers are asked if they have covered it or not, and if not, they are given the opportunity to update the return.