Income Tax: Income up to Rs 8 lakh can be tax free, check details here
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ITR: The number of Income Tax Returns is increasing every year. This year, about 7.3 crore people have filed ITR. This figure can cross 9 crores by March 2025.
However, if the government decides to make the annual income of Rs 8 lakh tax free, then this figure can be crossed very easily. A report has claimed that the demand for giving this exemption has started being raised. In such a situation, the government can give this relief to senior citizens between 60 and 80 years.
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Around 2 crore more ITRs are expected to be filed this year
According to this research report of the Economic Department of State Bank of India (SBI), if the government has to increase the number of ITRs rapidly 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 return filers will increase tremendously. According to the SBI report, about 2 crore more ITRs are expected to be filed this year. In such a situation, by the end of the financial year, the number of ITRs will cross 9 crores. Next year this figure can easily cross 10 crores.
Government should also make changes in TDS deduction and certificate
The report said that a total of 7.3 crore ITRs were filed in Assessment Year 2022. In Assessment Year 2024, this figure was 8.6 crores. 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 on time is increasing among the people. The Income Tax Department has also made it easier to fill ITR by simplifying the process and form. The report said that the government should improve the scope of TDS deduction. Also, changes should be made in the TDS certificate.
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