TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
TheFinanceStory
No Result
View All Result
  • Login
  • Register
Book 1:1 session with industry experts!
  TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
The finance story
No Result
View All Result
  • Login
  • Register
Book 1:1 session with industry experts!
The Finance Story
No Result
View All Result

India witnesses a surge in Income Tax Return filings in 10 years: From 38 million to 77.8 million

Over the last decade, India has witnessed a surge in Income Tax Return (ITR) filings, which increased from 38 million to 77.8 million. Here is a rundown of the surge and its impact on the economy.

The Finance Story by The Finance Story
Published date: 26th January, 2024
Last edited date: 27th January, 2024
SHARE (0)
India witnesses a surge in Income Tax Return (ITR) filings in 10 years: From 38 million to 77.8 million
Share on FacebookShare on Twitter
  • Over the last decade, India has witnessed a surge in Income Tax Return (ITR) filings.
  • The number of people filing for Income Tax Returns has doubled from 38 million to 77.8 million.
  • Let’s look at the driving forces behind the surge and how it has positively impacted the economy.

Formalization initiatives

The push for formalization of the economy has played a major role in driving this increase.
Encouraging formal employment and tax compliance has caused a change from informal to formal income sources.

Enhanced tax awareness

The government’s actions to simplify tax filing and educate taxpayers have played a crucial role.

This has enabled individuals to fulfill their tax duties more efficiently.

Technological advancements

The adoption of digital platforms and technological innovations has revolutionized the tax filing landscape.

Online portals, mobile applications, and pre-filled ITR forms have streamlined the process.
These efforts have made tax filing more accessible and convenient for taxpayers.

Revenue boost

The doubling of ITR filings has translated into a significant increase in tax revenue for the government.

This influx of funds provides vital resources for public infrastructure projects, social welfare programs, and other developmental initiatives.

Data Insights

The data derived from ITR filings offers policymakers invaluable insights into income distribution, employment patterns, and sectoral trends.

This data-driven approach enables more informed decision-making and targeted policy interventions.

Conclusion

While the doubling of ITR filings is a significant achievement, challenges remain in bringing the entirety of the economy under the tax net.

Ensuring that workers in the informal sector and small businesses comply with tax regulations is crucial for a more inclusive tax system.

To make the tax filing process smoother and drive long-term fiscal progress, the government must provide digital literacy programs, adopt emerging technologies like AI and blockchain, simplify tax laws, and rationalize tax rates.

What does the future of Income Tax Return (ITR) filing look like? Let us know in the comments.

The Finance Story

The Finance Story

Recommended for you

Deloitte to add hundreds of tech jobs across the UK, over the next 3 years.
Big 4

Deloitte to add hundreds of tech jobs in UK

25th May, 2025 | 2 mins read
JP Morgan may slash over 10% of operations workforce
AI in Finance

JP Morgan may slash over 10% of operations workforce

23rd May, 2025 | 2 mins read
EY in trouble for audit failure of NMC Health: Faces £2 Billion lawsuit
Accounting & Consulting services

EY in trouble for audit failure of NMC Health: Faces £2 Billion lawsuit

22nd May, 2025 | 3 mins read
Randstad India CFO says executive hiring booming
Hiring

Randstad India CFO says executive hiring booming

22nd May, 2025 | 2 mins read
FTI Consulting taps Antoine Nasr to lead Middle East Business
Dubai

FTI Consulting doubles down on the Middle East

21st May, 2025 | 3 mins read
Microsoft fires 6000 employees...To sharpen focus on AI
News

Microsoft fires 6000 employees…To sharpen focus on AI

20th May, 2025 | 4 mins read
Next Post
Layoff frenzy at Citigroup: CFO Mark Mason announced 20,000 job cuts globally. Here’s what you need to know

Layoff frenzy at Citigroup: CFO Mark Mason announced 20,000 job cuts globally. Here's what you need to know

Start conversation Cancel reply

Your email address will not be published. Required fields are marked *

1:1 career advice platform

  • Manager

    Investment Banking (Front Office) at HDFC Bank.

  • Finance Director

    at Procter & Gamble (P&G)

  • Strategic Program & Ops Manager

    Risk and Internal Audit at Accenture

  • Vice President

    at Alcazar Capital

  • Manager ACR

    Accounting, Compliance and Reporting at EY

  • Senior Accountant

    at BDO Canada LLP

  • Regional Financial Coordinator and Project Manager

    at TotalEnergies

  • Accounts Manager

    at Sterling Perfumes Industries LLC (Fakhruddin Holdings)

BOOK 1:1 CALL

1:1 career advice platform

  • Manager ACR

    Accounting, Compliance and Reporting at EY

  • Senior Accountant

    at BDO Canada LLP

  • Regional Financial Coordinator and Project Manager

    at TotalEnergies

  • Accounts Manager

    at Sterling Perfumes Industries LLC (Fakhruddin Holdings)

BOOK 1:1 CALL
The Finance Story

The Finance Story empowers finance professionals—CFOs, consultants, accountants, tax experts, and bankers—to navigate critical market shifts, industry disruptions, and emerging technologies & trends.

How? We spotlight key opportunities in India and globally, equipping finance professionals with the insights and strategies to drive business growth, optimize decision-making, and position their companies at the forefront

Quick Links

  • Finance
  • Partners
  • Privacy and Policy
  • Terms of use

Follow us

  • /TheFinanceStory
  • @TheFinanceStory
  • /TheFinanceStory
  • @thefinancestory_com
  • TheFinanceStory

© 2022. The Finance Story. All Rights Reserved.

No Result
View All Result
  • TFS Gulf
  • Entrepreneur Story
  • Finance Leaders
  • Videos
  • Login
  • Sign Up

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies to personalize your experience. By continuing to visit this website you agree to our use of cookies.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Book 1:1 call with industry expert