ITR: As time progresses, the government is making changes in the income tax rules. This time is also no exception. Many reports are directs. In 2024, there will be an increase in the number of income tax returns. Looking at the figures for the year 2024, about 7.3 crore people have filed ITRs this year. Yes, you’ve heard right.
At the same time, many reports have claimed that senior citizens of 60 to 80 years can be given relief by the government on tax returns. At present, annual income up to Rs 7 lakh is tax-free in the country, so it can be increased to Rs 8 lakh.
In such a situation, if it is increased to 8 lakh by the government, then a big increase can be seen in the number of income tax returns. This year, it is expected that about 2 crore more ITRs may be filed.
About 2 crore more ITRs are expected to be filed in 2024
According to this research report by the Economic Department of the State Bank of India, if the central government has to increase the number of ITRs in the assessment year 2024-25, then it will not hesitate to take such steps. If this exemption is given to senior citizens, then the number of people filing returns will increase tremendously. According to the SBI report, about 2 crore more ITRs are expected to be filed this year. In this case, the number of ITRs will cross 9 crores by the end of the financial year. By 2025, this figure can easily cross 100 million.
Big disclosure in the report
Many reports said that a total of 7.3 crore ITRs were filed in Assessment Year 2022. In the assessment year 2024, this figure was 8.6 crore. However, the number of people filing ITR after the due date is decreasing rapidly. In such a situation, it is understood that now the discipline of filling ITR is increasing among the people. The Income Tax Department has also made filing ITR easier by simplifying the process and forms.