2,09,06,829 number of Income tax Returns (ITRs) filed; Gross taxes of Rs 93,318 crore paid

Individuals (between the ages of 18 and 35) filed 2,09,06,829 Income Tax Returns (ITRs) from the beginning of the Financial year in 2022–23 through the end of the year in 2023. In a written response to a question in the Lok Sabha today, Union Minister of State for Finance Shri Pankaj Chaudhary made this claim.

The total amount of income reported in the ITR is used to calculate tax according to the Income-tax Act of 1961. Total Income is made up of various types of income, including salary, rental income from real estate, business or professional profit and gains, capital gains, and income from other sources. Tax is not collected under several heads separately. Before claiming a refund, the Minister indicated that the gross taxes paid as reported in the ITRs submitted totaled Rs 93,318 crore.

The Minister added that 4,861 ITRs were filed by individuals for people under the age of 18 from the start of the fiscal year 2022–23 to the end of January 2023. According to the Minister, before requesting a refund, this category of taxpayers paid gross taxes of Rs. 6.31 crore. In accordance with the Income-tax Act of 1961, tax is computed and collected based on the total income reported in the ITR. Total Income is made up of various types of income, including salary, rental income from real estate, business or professional profit and gains, capital gains, and income from other sources. Tax is not collected under several heads separately.