The number of Income Tax Returns (ITR) increased in the last financial year 2021-22, which is a positive sign about economic growth.
In the last financial year 2021-22, the number of Income Tax Returns (ITR) increased. Central Board of Direct Taxes (CBDT) Chairman Sangeeta Singh has given this information. In a conversation with news agency PTI, Singh said that in the last financial year 2022, 7.14 crore income tax returns were filed, while in his last financial year 2020-21 this figure was 6.9 crore. He said that there has been an increase in the number of income tax returns which is indicating an increase in economic growth.
Will it be expensive to teach children in Delhi’s private schools? Fee hike proposal after two years, read the whole matter
Growth in ITR signals growth
Singh said there was an increase in the number of taxpayers and filing of revised returns. This situation usually occurs when the economic development in the country is on the path of progress. If economic activities increase, then there will be an increase in buying and selling. Conversely, if the economy does not grow, there cannot be an increase in taxes.
Stock Tips: This hospital chain stock will earn 44%, make such a strategy for investment
Increasing awareness about tax payment
The chairman of CBDT has also considered PM Modi’s initiative regarding Digital India as a reason for increasing tax payments. During the Corona epidemic, people have started making more digital payments, due to which there has been a change in the mind of the people. Due to giving information to the taxpayers, it is also contributing in making the taxpayers aware of making tax payments on time. Digitization has increased in the last few years. According to the chairman of CBDT, there was a tax collection of more than Rs 14 lakh crore in the financial year 2021-22, which was better than the financial year 2019-20. According to Singh, the updated returns are also getting good response. Under this, when you file the return and if the CBDT gets additional information, the taxpayers are asked whether they have covered it or not and if they have not, they are given an opportunity to update the return.
(Image- PTI)
www.financialexpress.com
