ITR Filing has grown up to 7.78 Crore with 14.78 Percent Growth

Finance Minister Nirmala Sitharaman in a written reply to a question raised in Lok sabha said that ITR Filing has grown up to 7.78 Crore with 14.78 Percent Growth.

The Questions asked by DR. G. Ranjith Reddy:

Will the Minister of FINANCE be pleased to state-

(a) Whether the filing of Income Tax Returns (ITRs) from Telangana have gone up from 21.58 lakhs in 2019-20 to 26.92 lakhs in 2022-23 registering a growth of 25 per cent in four years when compared to national average of 15 per cent and if so, the details thereof.

(b) the details of inference that is likely to be drawn by the Government from filing of more ITRs from Telangana; and

(c) the manner in which Telangana is likely to be helped and pushed by the Government to contribute more to the economy of the country and become growth engine of the country.

The Finance Minister replied:

(a) The filing of Income Tax Returns (ITRs) from Telangana have gone up from 21.58 lakhs in F.Y. 2019-20 to 26.92 lakhs in F.Y. 2022-23 registering a growth of 24.75 per cent in four years. At national level ITRs has gone up from 6.78 Crore in F.Y. 2019-20 to 7.78Cr. in F.Y. 2022-23 registering a growth of 14.75 per cent.

(b) The increase in filing of ITRs in Telangana would be due to a combination of factors such as economic growth, employment opportunities, technological developments, better tax compliance etc.

(c) The government accords great importance to the growth of all state economies including Telangana and growth in filing in ITRs, as highlighted in answer to part (a), reflects success of economic policies implemented.

The government has implemented a number of initiatives to encourage the States—including Telangana—to boost capital spending and make greater contributions to the nation’s economic development. The Union Government has provided 50-year interest-free loans to the state governments under the ‘Scheme for Special Assistance to States for Capital Investment’ for the last three years to enhance their capital expenditure. An overall sum of Rs. 1.3 lakh crore has been budgeted for the Scheme during the ongoing financial year 2023-24.

In addition, tax devolution installments to the State Governments have been frontloaded to enable them to speed up capital spending, finance their development related expenditure and also to make available resources for priority projects.