• Notification Date: 25-01-2024
• Notification No: N/A

Income Tax filers grew more than double to 77.8 million in 10 years: Govt Data

The number of taxpayers filing income tax returns has more than doubled to 7.78 crore in the past 10 years, as per government data. 

Releasing key statistics, the Central Board of Direct Taxes (CBDT) on Tuesday said the number of Income Tax Returns (ITRs) filed in FY23 stood at 7.78 crore, showing a 104.91 percent increase as compared to the 3.8 crore ITRs filed in 2013-14. 

During the same period, the net direct tax collections increased 160.52 per cent from Rs 6,38,596 crore in FY14 to Rs 16,63,686 crore in 2022-23, it said. 

The government has budgeted to collect Rs 18.23 lakh crore from direct taxes (personal income tax and corporate tax) - 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal. 

According to CBDT data, gross direct tax collections increased 173.31 per cent to Rs 19,72,248 crore in FY23 from Rs 7,21,604 crore in FY14. 

At the same time direct tax-to-GDP ratio went up from 5.62 per cent to 6.11 per cent. 

The cost of collection, however, has decreased from 0.57 per cent of total collection in FY14 to 0.51 per cent of the total collection in the previous fiscal.