Income Tax: Income up to Rs 8 lakh can be tax free, ITR will become Rs 9 crore

ITR: The number of Income Tax Returns is increasing every year. This year about 7.3 crore people have filed ITR. By March 2025, this figure may cross 9 crores. However, if the government decides to make annual income of Rs 8 lakh tax free, then this figure can be crossed very easily. A report has claimed that demand for giving this exemption has started being raised. In such a situation, the government can provide this relief to senior citizens aged between 60 to 80 years.

Nearly 2 crore more ITRs expected to be filed this year

According to this research report of the Economic Department of State Bank of India (SBI), if the government wants to increase the number of ITRs sharply in the assessment year 2024-25, then it will not hesitate in taking such steps. If this exemption is given to senior citizens, then the number of people filing returns will increase tremendously. According to SBI report, about 2 crore more ITRs are expected to be filed this year. In such a situation, by the end of the financial year the number of ITR will cross 9 crores. Next year this figure can easily cross 10 crores.

Government should also make changes in TDS deduction and certificate

The report says that a total of 7.3 crore ITRs were filed in assessment year 2022. In assessment year 2024 this figure was 8.6 crores. However, after the due date, the number of people filing ITR is decreasing rapidly. In such a situation, it is understood that now the discipline of filing ITR on time is increasing among the people. The Income Tax Department has also made filing ITR easier by simplifying the process and forms. The report says that the government should improve the scope of TDS deduction. Besides, changes should also be made in the TDS certificate.

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