Income tax returns ITR data filers increase by 120 percent in 10 years 50 lakh rs brackets increase by 5x

Do you think income tax compliance has increased in the last 10 years? Yes. There has been a 2.2-fold increase in the total number of income tax (ITR) filings during this period, with a five-fold increase in the income category of Rs 50 lakh-plus to 9.39 lakh in 2024 from Rs 1.85 lakh in 2024 . , official sources told Zee Business. The development comes after the Tax Department shifted its focus from law enforcement to information sharing.

Around 75 lakh income tax assessees filed revised ITRs amounting to an additional tax collection of Rs 8,000 crore by the department, sources said.

Additionally, nearly 74 percent of assessees are instructed to file their income tax returns using the new tax system.

There seems to be no decline in corporate tax collection due to the negative effects of the companies, they added.