If you also submitted an income tax return (ITR) this time around, you should be aware of any updates. Yes, the number of ITR filers has increased at a record rate this time. You will be surprised to learn how many of these people have paid taxes, though. According to information provided by the Income Tax Department, 6.77 crore persons have submitted ITRs as of July 31. The number of ITR filers this time has increased by a historic amount.
4.65 crore individuals paid no taxes
Do you know how many of the 6.77 billion ITRs have zero tax returns? If you are unaware of this statistic, you will undoubtedly be shocked to learn it. For those who pay no income tax, the taxable income must be Rs. 5 lakh or less. The data made public shows that 4.65 crore persons this time around filed no tax returns or ITRs.
The ITR e-verification process takes 30 days
and this time a record has been set for the nation’s greatest volume of ITR files. According to 4.65 crore individuals’ income tax forms, their taxable income is Rs 5 lakh or less, according to the Income Tax Department. After July 31st, ITR filers have 30 days to complete the e-verification process. You can file an income tax return by paying a penalty of up to Rs 5000 if you are unable to file an ITR for any reason.
The government’s priority is collecting income taxes
The government’s primary goal is to collect more income tax revenue. Although more people are filing tax forms, 4.65 crore of those people haven’t paid any taxes this year. This number indicates that less than half of all people pay taxes. The Finance Ministry’s statistics indicate that 2.9 crore people paid no taxes during the 2019–20 fiscal year.
Following this, not only has the number of persons filing ITR increased
but so too has the rate of people reporting zero tax. According to data from income tax returns, there are 1.69 lakh taxpayers in the nation who report having an annual income of more than one crore. In addition, there are 1.10 crore taxpayers who earn between Rs 5 and Rs 10 lakh.
Read more: Is it okay to park the car in sunlight? The next time you park, be sure to be aware of this
|
|
  YouTube |
         Click Here |
| Â Facebook Page |
         Click Here |
| Â Instagram |
         Click Here |
| Â Telegram Channel |
         Click Here |
 this time around, you should be aware of any updates. Yes, the number of ITR filers has increased at a record rate this time.){kind=link}