Surge in Income Tax Filings: 3.24 Lakh Taxpayers Declare Income Over ₹1 Crore

Lead: In an encouraging development for India’s fiscal health, a total of 3.24 lakh individuals filed their income tax returns (ITRs) reporting income above ₹1 crore before the March 31, 2025 deadline. This surge highlights a growing trend of compliance among affluent taxpayers. The data released by the Income Tax (I-T) Department showcases an overall increase of tax filings among various income brackets, including those earning between ₹1 crore to over ₹10 crore, thereby reflecting a greater awareness and adherence to tax regulations.

Key Highlights from the Latest Income Tax Data

– **High Earner Filings:**
– 3.24 lakh filed ITRs for income above ₹1 crore.
– 2.97 lakh reported income between ₹1 crore and ₹5 crore.
– 16,797 taxpayers declared incomes between ₹5 crore and ₹10 crore.
– 10,184 taxpayers reported incomes exceeding ₹10 crore.

– **Overall Filers:**
– The total number of taxpayers declaring incomes over ₹1 crore exceeds 4.68 lakh when considering corporate entities, firms, and other bodies.
– 3.89 lakh individuals had incomes in the ₹1 crore to ₹5 crore range.

– **Income Distribution:**
– Over 36,000 individuals had incomes ranging from ₹5 crore to ₹10 crore.
– Approximately 43,000 taxpayers reported incomes above ₹10 crore.

Growth in Taxpayer Registrations and Return Filings

According to the I-T portal, there are currently 14.01 crore registered users on the income tax website. Among these:
– **Individual Users:** 12.91 crore.
– **Aadhaar Linked Users:** 11.86 crore individuals have linked their Aadhaar with their income tax profiles.
– **Total Returns for FY 2024-25:** 9.19 crore were filed, with 8.64 crore of these being e-verified, showcasing an uptick in online tax compliance.

Year-on-Year Growth in Income Tax Returns

The FY 2024-25 has witnessed a considerable increase in income tax returns filed compared to the previous fiscal year. Here’s a comparative breakdown:
– **ITR-1:** 0.54% increase.
– **ITR-2:** 34.69% growth, indicating a significant rise in this category.
– **ITR-3:** 16.66% increase.
– **Overall Growth:** A cumulative increase of 7.81% across all forms of ITRs filed.

This positive trend in filings suggests that more individuals are recognizing their responsibilities as taxpayers and the importance of compliance in contributing to the nation’s revenue.

The Need for Accurate Tax Reporting

Tax experts emphasize the importance of accurate and timely tax reporting. In this context, they note:
– **Compliance Benefits:** Adhering to tax norms benefits individuals through smoother processing of returns and potential refunds.
– **Government Revenue:** Increased compliance ensures that the government can fund various social and economic programs.

As the I-T Department continues to streamline processes through technology, taxpayers are encouraged to stay informed about filing procedures and available resources.

Quote: “The rise in income tax filings reflects an increasing culture of compliance among taxpayers in India. Continued engagement and education are key to sustaining this momentum,” remarked a senior official from the Income Tax Department.

Conclusion: The latest data from the Income Tax Department indicates a significant surge in high-income taxpayers filing their tax returns, marking a positive trend for national revenue. As more individuals embrace their duty to file accurate returns, the government is better positioned to utilize these funds for developmental purposes. This shift underscores the importance of taxpayer compliance and the role of technology in facilitating the process.

Keywords: Income Tax, Tax Filings, Income Tax Returns, High-Income Taxpayers, Tax Compliance, IT Department, Financial Year 2024-25, Tax Revenue, E-Verifications

Hashtags: #IncomeTax #TaxReturns #HighIncome #TaxCompliance #FinanceIndia #IncomeTaxDepartment



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