October 23, 2018

80% rise in number of ITR filed in last four fiscal years

The number of tax returns presented over the past four years has increased by over 80%.
The number was 3.79 crores in the year 2013-14, which increased to 6.85 crore in 2017-18.
According to the statistics on direct taxation published by the CBDT on Monday, the number of taxpayers with an income higher than a keel of rupees also recorded a sharp increase of 60% in four years.
The CBDT has stated that there is a steady growth in the ratio of direct taxes to GDP over the last three years.
The 5.98% ratio in the 2017-18 fiscal year is the best ratio of direct tax GDP over the last 10 years.
According to statistics, the average tax paid by corporate taxpayers rose from 32.28 lakh rupees in 2014-15 to 49.95 lakh rupees in 2017-18.
There is also a 26% increase in the average tax paid by individual taxpayers over the period. During the three-year period 2014-15 and 2017-2018, the number of salaried contributors increased from 1.70 crores in 2014-15 to 2.33 crores in 2017-18.
The average income declared by the salaried tax payers increased by 19 percent, from 5.76 lakhs of rupees to 6.84 lakhs of rupees during this period.
In the same period, there was also a 19% growth in the number of single non-salaried contributors from 1.95 to 2.33 crore.
The declared average non-wage income increased by 27 percent, from 4.11 lakh rupees in 2014-15 to 5.23 lakh rupees in 2017-18.

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