Winning Bizness Desk
Mumbai. Central Board of Direct Taxes (CBDT) Chairman Sangeeta Singh said on Saturday that there has been an increase in the number of Income Tax Returns i.e. ITR (Income Tax Returns) in FY 2021-22 as compared to FY 2020-21. Singh said that the number of ITRs in the last financial year was 7.14 crore, which was 6.9 crore a year ago. Thus, there is a clear increase in the number of income tax returns.
The CBDT chief said that there has been an increase in the number of taxpayers filing revised returns. He said that the board is seeing an increase in tax collection. This situation usually occurs when the economic development in the country is on the path of progress.
Increase in payment of tax
Singh said that if economic activities are increasing, then there will be an increase in buying and selling. Unless the economy grows, the amount of tax cannot increase. He said, "Due to the initiative of Prime Minister Narendra Modi towards Digital India, the department is also witnessing an increase in payment of tax. People have started making more digital payments during the COVID-19 pandemic. “The initiative to inform taxpayers is also contributing in making them aware about paying taxes on time. We have also done massive digitization in recent years.
Tax collection over Rs 14 lakh crore in FY22
According to the CBDT chairman, the tax collection in the financial year 2021-22 has been more than Rs 14 lakh crore, which is much better than the tax collection of the financial year 2019-20.