Dramatic Uptick in Income Tax Return Filings
Over the past ten years, the number of individuals filing income tax returns in India has seen a spectacular increase. From 37.9 million in the fiscal year 2013-14, the figure has more than doubled, reaching 86.1 million in 2023-24, an increase of 48.1 million filers.
Government Efforts Increase Tax Compliance
This significant growth in tax return filings signifies the successful efforts of the government to boost tax compliance and expand the tax base throughout the tenure of the Modi administration. Increased filings reflect a growing consciousness among citizens about their crucial role in contributing to the national economy through fulfilling their tax obligations.
Effective Tax Simplification Initiatives
The upward trend in filing income tax returns is a noteworthy achievement, highlighting the efficacy of a range of initiatives aimed at simplifying the tax filing process. These measures were designed to encourage more individuals to join the formal economy. Learn more about these initiatives.
Contribution to the Nation’s Economy
By fulfilling their tax obligations, citizens directly contribute to the nation’s economy, funding the essential public services and infrastructures. This impressive growth in income tax return filings is a testament to the growing financial literacy and civic responsibility among Indian citizens.
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