Tax Free Income: There is a huge increase in the number of ITR (Income Tax Returns) year after year. Now, senior citizens can be given a big relief by the government on tax returns. Due to which this figure is expected to increase even more. Know what relief can be given to senior citizens on tax returns.
Tax Free Income: Every year, the number of Income Tax Returns is increasing. If we look at the data of the year 2024, about 7.3 crore people have filed ITR this year. At the same time, it has been claimed in the media report that senior citizens between 60 and 80 years can be given relief on tax returns by the government. At present, annual income up to Rs 7 lakh is tax free in the country, in such a situation it can be increased to Rs 8 lakh.
In such a situation, if it is made 8 lakh by the government, then a big increase can be seen in the number of Income Tax Returns. At the same time, it is expected that about 2 crore more ITRs can be filed this year.
Many records can be broken in ITR filing this year
Actually, according to a research report of the Economic Department of State Bank of India (SBI), the number of return filers can increase tremendously due to the exemption given to senior citizens. In such a situation, the government should take this big step so that it increases. According to the report, many records can be broken in ITR filing this year. Actually, about 2 crore more ITRs are expected to be filed this financial year. If this happens, then the number of ITRs will cross 9 crores by the end of the financial year. Whereas in the coming financial year, this figure will easily cross 10 crores.
A big disclosure was made in the report
Along with this, this SBI report also said that ‘there is an increase in ITR returns year after year. A total of 7.3 crore ITRs were filed in the year 2022. Whereas in 2024 this figure increased to 8.6 crores. However, a big disclosure has been made in the report. Actually, it has come to the fore in the report that now the number of people filing ITR after the due date is decreasing. It seems that discipline is being seen among the people. However, one reason for this may also be that the Income Tax Department has also made the process easier.
