During the last four years, the number of IT returns with zero tax liability has increased from 2.90 crore in FY 2019-20 to 5.16 crore in 2022-23.
The number of people filing income tax returns in the country is continuously increasing. The latest figures of the Finance Ministry are witness to this. Giving information to the Lok Sabha on Monday, the government said that more than 7.40 crore people filed Income Tax Returns (ITR) in the financial year 2022-23. Of these, the number of returns with zero tax liability was 5.16 crore. According to Bhasha news, Minister of State for Finance Pankaj Choudhary said in a written reply to a question that the number of income tax returns filed in the last five years has increased.
Continuous increasing trend
According to the news, according to the minister’s reply, the number of ITR filers increased from 6.28 crore in the financial year 2018-19 to 6.47 crore in the financial year 2019-20 and 6.72 crore in the financial year 2020-21. According to Chaudhary, the number of ITRs filed in the financial year 2021-22 increased to more than 6.94 crore and in the financial year 2022-23 it increased to more than 7.40 crore. He said that during the last four years, the number of IT returns with zero tax liability has increased from 2.90 crore in FY 2019-20 to 5.16 crore in 2022-23.
Currently 7 types of forms
As per income tax laws, the basic exemption limit for taxpayers below 60 years, between 60 to 80 years and above 80 years is Rs 2.5 lakh, Rs 3 lakh and Rs 5 lakh respectively. Currently, there are 7 types of Income Tax Return i.e. ITR forms available. A fixed date is fixed for a company or an individual to file ITR. The due date for filing ITR for salaried class or general category taxpayers is usually 31st July every year. However, under certain circumstances, the government can extend the date for filing income tax returns.
