Number of individuals filing ITR with income more than ₹1 cr surged 43% in FY25
Number of individual income tax return (ITR) filers has jumped over 43 per cent in fiscal year 2024-25, data till January 31 showed. Overall, number of filers rose by 6.8 per cent in current fiscal as compared to 2023-24 and number has crossed 9 crores.
Data showed that number of individuals filing income tax returns having income more than ₹1 crore rose over 3.21 lakh in FY25 as compared to over 2.24 lakh in FY 21. During the same period number of total return filers rose to 9.05 crore as against 8.47 crore. Since the data is related with fiscal year, so it could also include filers of updated return along with regular filers.
Though the data sheet does not mention any reasons for the increase, experts cited improved enforcement and compliance as contributing factors.
Sanjoli Maheshwari, Executive Director at Nangia Andersen India, said improved enforcement and compliance measures along with user-friendly and efficient process for filing ITRs including pre-filled ITR forms, various FAQs providing clarifications, simplification of tax regime, provision to file updated return, enhanced tracking of financial transactions identifying non-compliance and increasing awareness amongst taxpayers through campaigns, all contribute to effective ITR filing process.
“Timeline has been extended to file the revised and belated income tax return to January 15, 2025, for resident individuals vide CBDT circular dated December 31. This enabled the taxpayer to file belated income tax return within the extended timeline who missed filing ITR on or before the due date and received intimation for transactions reflected in the annual information statement,” she said.
Talking about the rise in ITR filers with ₹1 crore plus income, Sanjoli said: “India has been experiencing robust economic growth in recent years, specifically in sectors like technology, finance and real estate, wherein it has been experiencing a boom leading to significant income growth for Individuals with higher salaries.”
Publication – The Hindu Businessline
By Sanjoli Maheshwari
