There has been a significant spike in the number of taxpayers filing Income Tax Returns (ITR), which touched 7.8 crore in the fiscal year 2022-23. In the past nine years, this marks a considerable jump of 104.91%, attributed to heightened compliance and the utilisation of technology by the Income-Tax (I-T) department.
As per the Central Board of Direct Taxes (CBDT), the ITRs for FY23 amounted to 7.8 crore, as against 3.8 crore in 2013-14. Interestingly, Tax Deducted at Source (TDS) comprised the largest share of direct taxes, amounting to Rs 8,17,970 in 2022-23, a significant jump from Rs 2,59,106 in 2014-15.
Advance tax also experienced a jump, clocking Rs 7,27,925 in 2022-23 compared to Rs 3,26,525 in 2014-15. In addition, self-assessment tax spiked to Rs 1,29,954 in 2022-23 from Rs 52,050 in 2014-15.
As per CBDT, a ‘Taxpayer’ is defined as an individual who has filed a return of income for the relevant Assessment Year (AY) or in whose case, tax has been deducted at source in the relevant Financial Year, yet the taxpayer has not filed the return of income.
The net direct tax receipts witnessed a considerable jump of 160.52%, rising from Rs 6,38,596 crore in FY14 to Rs 16,63,686 crore in 2022-23, as per the I-T department.
The government looks forward to collecting Rs 18.2 lakh crore from direct taxes in the current fiscal year, highlighting a 9.6% jump from the Rs 16.6 lakh crore collected in the previous fiscal year.
The CBDT further highlights a 173.31% jump in gross direct tax receipts to Rs 19,72,248 crore in FY23 from Rs 7,21,604 crore in FY14. The direct tax-to-GDP ratio surged from 5.6% to 6.1%, while the cost of collection dipped from 0.57% of the total collection in FY 2013-14 to 0.51% in FY 2022-23.
The I-T department’s objective to enhance compliance and improve receipts is highlighted in its implementation of various reform measures, leveraging technology and big data to plug loopholes.
The recent introduction of the redesigned national website by the I-T department is aimed at providing taxpayers with a user-friendly interface, value-added features, and new modules to ensure easier access to information and services.
Rajiv is an independent editorial consultant for the last decade. Prior to this, he worked as a full-time journalist associated with various prominent print media houses. In his spare time, he loves to paint on canvas.
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