Income Tax Returns Filing in India for Fiscal Year 2023-24
In the recently concluded fiscal year 2023-24, only 6.68 per cent of India’s population filed income tax returns (ITR). This information was shared in the Parliament on December 17, 2024, by the Minister of State for Finance, Pankaj Chaudhary.
Despite the relatively low percentage of the population filing ITRs, there has been a notable increase in the total number of returns submitted. Over 8.09 crore (80.9 million) income tax returns were filed in the fiscal year 2023-24, marking a rise from more than 7.40 crore (74 million) returns filed in the previous fiscal year, 2022-23. The growth trend in ITR filings is evident when examining previous fiscal years; in FY22, the total number of returns submitted was over 6.96 crore (69.6 million), which increased from over 6.72 crore (67.2 million) in FY21 and over 6.48 crore (64.8 million) in FY20.
In detailing the statistics, Mr. Chaudhary mentioned, “In FY 2023-24, the percentage of population that files Income Tax Return is 6.68 per cent. The total number of persons filing income tax return is 8,09,03,315.
Moreover, Mr. Chaudhary highlighted an increase in the number of individuals reporting zero taxable income in their ITRs, with 4.90 crore (49 million) individuals in Assessment Year 2023-24, an increase from 4.64 lakh (464,000) in 2022-23.
This increase in the filing of income tax returns, despite the low percentage of the overall population, reflects an ongoing trend towards greater compliance and awareness around tax responsibilities in India.