7.4 Cr ITRs Filed In FY’23, Over 5.16 Cr Declared Zero Tax Liability: Sitharaman
The ‘Economic Times’ article titled “7.4 crore ITRs filed in FY2022-23, over 5.16 crore declared zero tax liability: Nirmala Sitharaman” reports on India’s income tax filing for the fiscal year 2022-2023. According to Finance Minister Nirmala Sitharaman, a total of 7.4 crore Income Tax Returns (ITRs) were filed during this period.
One significant finding mentioned in the article is that over 5.16 crore taxpayers declared zero tax liability. This implies that a substantial proportion of taxpayers either had no taxable income or their deductions and exemptions outweighed their taxable income. The data suggests that a large segment of the population may be exempted from paying income tax, which could have implications for the country’s revenue collection.
However, the article lacks in-depth analysis or explanation of the reasons behind the high number of zero tax liability declarations. It would be beneficial to understand the factors contributing to this trend, such as the impact of tax-saving investments, agricultural income, or government policies aimed at reducing the tax burden on certain income groups.
Overall, the information provided by the article gives an overview of the number of ITR filings and the significant count of taxpayers declaring zero tax liability. Further investigation is needed to comprehend the underlying factors and potential implications of these statistics on India’s tax system and fiscal policies.
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