The filing of income tax returns is often perceived by many as a voluntary and burdensome task, but it is crucial for the economic development of a country. Filing tax returns is considered a moral and social duty of responsible citizens, facilitating smooth transactions for individuals and businesses. The recent statistics disclosed by the central government indicate a positive trend, with an increasing number of taxpayers in the country.
According to the Central Board of Direct Taxes (CBDT), the number of income tax payers in the country has doubled over the past decade, reaching 7.78 crores. In the financial year 2013-14, the number of income tax filers stood at 3.8 crores, marking a significant increase of 104.91 percent by the financial year 2022-23.
Additionally, the CBDT provided insights into tax collection figures. In 2013-14, a total of Rs. 6,38,596 crores were collected in the form of taxes. By the financial year 2022-23, this amount had surged to Rs. 16,63,686 crores, reflecting a remarkable growth of 160.52 percent in net tax collection over the period.
The government's budget for the financial year aimed to collect Rs. 18.23 lakh crores through direct taxes, representing a 9.75 percent increase compared to the previous financial year's collection of Rs. 16.61 lakh crores. The positive trajectory in the number of taxpayers and tax collections is indicative of a favorable economic environment in the country.
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