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Oct 26, 2024
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Income tax returns filers’ count may cross 90 million in AY25: SBI report
The total number of income tax returns filers could exceed 90 million for assessment year 2024-25 (AY25) by the end of March 2025, a new report has said, while calling for a flat income tax rate for individuals earning over Rs 8 lakh, specifically targeting those aged between 60 and 80.
“For AY25, 7.3 crore (73 million) ITRs have been filed by the due date and another about 2 crore (20 million) returns are expected to be filed in the remaining financial year till March 25, thereby taking the total number close to or over 9 crore (90 million),” said a Research Report from the Economic Department of State Bank of India, titled How Tax Simplification has given a necessary fillip to ITR Filing.
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ITR filing has increased sharply over the years and stood at close to 86 million in AY24 as against 73 million in AY22, the report noted, adding that the number of returns filed after the due date is also declining in an indication of discipline among tax-payers along with the simplification of IT forms and processed.
With the government also undertaking a review of the Income Tax Act, 1961, that was announced in the Union Budget 2024-25, the report has also suggested several changes. It has called for switching from progressive taxation to a uniform taxation with a flat tax rate for individuals earning over Rs 8 lakh, specifically targeting those aged between 60 and 80, with additional provisions for individuals aged 80 and above.
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