'Number of income tax returns rising'
Panaji: The number of income tax returns has increased in FY22 over the previous fiscal, Central Board of Direct Taxes Chairman Sangeeta Singh said on Saturday.
Singh said the number of income tax returns last fiscal was 7.14 crore against 6.9 crore in the preceding financial year, showing a clear growth."There is an increase in the base of taxpayers and the filing of revised returns," she added. The Board is witnessing an increase in tax collection, which usually happens if the country is showing an upward trend in economic growth, the Chairman said, adding that "if the economic activities are going high, the purchases and sales will also increase". Unless the economy is on an upward trend, taxes cannot go on an upward trend, she noted.
"Secondly, the department is also seeing growth in the payment of taxes because of the initiative and call by Prime Minister Narendra Modi about digital India," she said, adding that during the Covid period, people have started paying more digitally, which is "probably leading to a change in the minds of the people".
The initiative of providing information to the taxpayers is also contributing to the awareness about paying their taxes on time. "We have also undertaken large-scale digitalisation over the years," she said.
For FY22, the tax collection is more than Rs 14 lakh crore, which is fairly good compared to the collection for FY20, as per the Chairman.
She said that the outreach programmes are organised by CBDT through Principal Chief Commissioners, making people aware of the payment of taxes.
Initiatives like Updated Returns are also fetching good response.
"Once you pay the return, and if we get additional information, then we ask you whether you have covered it, you can file the updated return," Singh said.