New Delhi: The total number of taxpayers who have filed tax returns more than doubled to 7.8 crore in the past 9 years, thanks to rising compliance and use of technology by the tax department, latest data released on Tuesday showed.
According to Central Board of Direct Taxes’ (CBDT’s) time series data updated up to fiscal year 2022-23, the number of I-T Returns (ITRs) filed in FY23 totalled 7.8 cro- re, an increase of 105% compared to the 3.8 crore returns filed in 2013-14.
Tax deducted at source (TDS) accounted for the largest chunk among direct taxes at Rs 8.2 lakh crore in 2022- 23 while advance tax was at Rs 7.3 lakh crore. Self assessment tax was at Rs 1.3 lakh crore for 2022-23, the data showed. The tax department defines a “taxpayer” as a person who has either 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 (FY) but the taxpayer has not filed the return of income.
Net direct tax receipts rose 160.5% from Rs 6,38,596 crore in FY14 to Rs 16,63,686 crore in 2022-23, the tax department said.
The government aims to collect Rs 18.2 lakh crore from direct taxes, which includes personal income tax and corporate tax 9.6% higher than Rs 16.6 lakh crore collected in the previous fiscal year.
The CBDT data also showed that the gross direct tax receipts rose 173.3% to R 19,72,248 crore in FY23 from Rs 7,21,604 crore in FY14.
The direct tax-to-GDP ratio went up from 5.6% to 6.1% while the cost of collection decreased from 0.6% of total collection in FY14 to 0.5% of the total receipts in the previous fiscal year.
Direct taxes as a percent of total revenues in 2022-23 was at 54.6%, higher than the 52.3% in the previous fiscal year.
The tax department has undertaken a series of reform measures over the years to boost compliance and improve receipts. Technology and big data is being used extensively to improve compli ance and plug loopholes.
