Asia Insurance Post
  • Home
  • Articles
  • Blog
  • Data
  • Facts
  • Editorial
  • Interviews
Select Page

Over 7.40 crore persons filed ITRs in FY23, 5.16 crore showed zero tax liability

by AIP Online Bureau | Dec 18, 2023 | Data, Life, Policy | 0 comments

The number of ITRs filed in the 2021-22 fiscal rose to over 6.94 crore and further to over 7.40 crore in the 2022-23 fiscal. The number of persons whose I-T returns amount to zero tax liability during the last four years increased from 2.90 crore in fiscal 2019-20 to 5.16 crore in 2022-23

New Delhi:

Over 7.40 crore persons filed income tax returns in the 2022-23 fiscal, of which 5.16 crore showed zero tax liability, the Finance Ministry said on Monday. Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha there has been an increase in the number of returns filed in the last five years.

The number of persons filing ITRs increased from 6.28 crore in fiscal 2018-19, to 6.47 crore in 2019-20, to 6.72 crore in 2020-21.

The number of ITRs filed in the 2021-22 fiscal rose to over 6.94 crore and further to over 7.40 crore in the 2022-23 fiscal. The number of persons whose I-T returns amount to zero tax liability during the last four years increased from 2.90 crore in fiscal 2019-20 to 5.16 crore in 2022-23.

“There may not be proportionate increase in direct tax collection and number of income tax returns filed because the direct tax collection is dependent upon multiple factors which include tax rate applicable for relevant assessment year, admissible deductions/ exemptions under the law, overall economic growth in various sectors in economy, etc,” Chaudhary said.

Direct tax collection increased from about Rs 11.38 lakh crore in 2018-17, to over Rs 16.63 lakh crore in 2022-23, he said.

Submit a Comment Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Insurance premium for aircraft expected to go up, says IndiGo CEO
  • Ambanis to infuse Rs 16K cr in Jio Financial Services to take on rivals
  • Air India’s Ahmedabad Crash:Re/insurers clear $125 million claims for AI’s Hull and engines
  • ICICI Foundation partners with IIT Kanpur to build Digital Health Stack
  • India projected to grow 6.4% in 2025 & 2026, reform momentum driving stable growth: IMF

Categories

  • Articles
  • Banking & Bancassurance
  • Blog
  • Breaking News!
  • Briefs
  • Climate, Environment, Renewable Energy
  • Data
  • Disaster & Management
  • Eco/Invest/Demography
  • Editorial
  • Events
  • Facts
  • Features
  • Health
  • Indian News
  • Intermediaries
  • International News
  • Interviews
  • Life
  • Main Menu
  • Non-Life
  • Pandemic
  • Pension & Social Security
  • Policy
  • Regulation
  • Reinsurance
  • Risk Management
  • Simple
  • Technology
  • Trends, Facts
  • Uncategorized
  • Wealth Management/ Philanthropy
  • Workplace/Employee Benefits
  • Home
  • Articles
  • Blog
  • Data
  • Facts
  • Editorial
  • Interviews
  • Eco/Invest/Demography
  • Indian News
  • International News
  • Health
  • Non-Life
  • Pandemic
  • Technology
  • Risk Management
  • Reinsurance
  • Banking & Bancassurance
  • Wealth Management/ Philanthropy