Number Of Income Tax Returns Rising: CBDT Chairman

Number Of Income Tax Returns Rising: CBDT Chairman The number of income tax returns has increased in FY22 over the previous fiscal, Sangeeta Singh Chairman of the Central Board of Direct Taxes said on Saturday. Talking to PTI, Singh said the number of income tax returns last Financial Year was 7.14 crore against 6.9 crore in the preceding financial year, showing a clear growth. "There is an increase in the base of taxpayers and the filing of revised returns," she added. The Board is witnessing an increase in tax collection, which usually happens if the country is showing an upward trend in economic growth, the chairman said, adding that "if the economic activities are going high, the purchases and sales will also increase". Unless the economy is on an upward trend, taxes cannot go on an upward trend, she noted. She pointed out that taxes cannot rise unless the economy is growing. “Secondly, the department is also seeing growth in the payment of taxes because of the initiative and call by Prime Minister Narendra Modi about digital India,” she said, adding that during the COVID-19 period, people had started paying more digitally, which was “probably leading to a change in the minds of the people”. The attempt to provide information to taxpayers is also helping to raise awareness about the importance of paying taxes on time. "Over the years, we've also done a lot of large-scale digitalization," she added. For FY22, the tax collection is more than Rs 14 lakh crore, which is fairly good compared to the collection for FY20, as per the chairman. She explained that the CBDT organizes outreach programs through Principal Chief Commissioners to make individuals aware of the need of paying taxes. Initiatives such as Updated Returns are also receiving positive feedback. "You can file the revised return once you pay the refund, and if we get new information, we'll ask you if you've covered it," Singh explained.