Income tax returns increased in FY22, tax collection increased
There has been an increase in the number of Income Tax Returns in FY 2021-22 as compared to FY 2020-21.
Central Board of Direct Taxes (CBDT) chairperson Sangita Singh said that there has been an increase in the number of income tax returns in the financial year 2021-22 as compared to the financial year 2020-21. Singh said that the number of income tax returns in the last financial year was 7.14 crore, which was 6.9 crore a year ago.
Central Board of Direct Taxes (CBDT) The chairperson of Sangeeta Singh said on Saturday that the income tax return in the financial year 2021-22 as compared to the financial year 2020-21. (Income Tax Return) number has increased. Singh said that in the last financial year income tax return (ITR Filing) The number was 7.14 crore, which was 6.9 crore a year ago. Thus there has been a clear increase in the number of income tax returns. He said that taxpayers (Taxpayers) There has been an increase in the number of filing of revised returns. The CBDT chief said that the board is seeing an increase in tax collection. This situation is generally created when the economic development in the country is on the path of progress.
Singh further said that if economic activities are increasing, then there will be an increase in buying and selling. He said that unless the economy grows, the quantum of taxes cannot increase. He said that the department is also witnessing an increase in payment of taxes due to the initiative of Prime Minister Narendra Modi towards Digital India. He said that during the Kovid-19 epidemic, people have started making more digital payments.
Digitization helped
He said that the initiative of giving information to the taxpayers is also contributing in making them aware about paying taxes on time. We have also extensively digitized in recent years.
According to the CBDT chairman, the tax collection in the financial year 2021-22 has been more than Rs 14 lakh crore, which is much better than the tax collection of the financial year 2019-20.
Let us tell you that mistake in filing income tax return is common. Even a small mistake can make a big mistake in ITR. You should be careful with this. Even if a mistake is made, there is no need to worry about it because it can be rectified. Section 139(5) of the Income Tax Act, 1961 gives an opportunity for correction in the tax return file. For this, the taxpayer gets an opportunity to file the Revised Income Tax Return. Revised ITR has to be filed 3 months before the end of the assessment year. With this you can rectify the mistake of tax return.
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