Minimum three times surge in ITR filing in all Tax Slab: FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman stated on Monday that the August income tax data is the most significant indicator of the Indian economy’s widespread formalisation.

Sitharaman stated during the Global Fintech Fest 2023 that the taxable workforce will increase from 22.5 percent to 85.3 percent. “In 2047, there will be 48.2 crore income tax filers, up from 7 crore in FY23,” Sitharaman said.

She went on to say that all tax slab have experienced at least a threefold rise in tax filing, with some experiencing a fourfold increase. “Tax filings have increased by at least threefold in each tax bracket. Maharashtra remains the leader in ITR filings,” she stated.

“I want the banking system, the financial ecosystem (including) mutual funds, stock markets… everyone to remember that when someone deals with his (customer’s) money, the organisations must think about the future and ensure that they (customers) nominate their heir, give the name and address,” Sitharaman said at the Global Fintech Fest (GFF).

When discussing shifting global dynamics, FM Sitharaman asked for collaboration in a variety of sectors, including regulating cryptocurrencies, combating tax evasion, and alleviating global financial hardship. She believes that more global collaboration is essential in today’s environment.

“Global cooperation is absolutely essential for financial ecosystems to thrive. Hence, we have 100+ nations represented at this festival today. Fintech innovations such as UPI and ONDC are fostering more inclusivity, resilience, and sustainability in India. Regardless of global disparities, technology is the common tool available to everyone,” Sitharaman stated.