India Sees a Rise in Income Tax Filings Despite Low Overall Participation

In the fiscal year 2023-24, only 6.68% of India’s population filed income tax returns, with over 8.09 crore filings reported. This marks a significant increase from previous years. Notably, 4.90 crore individuals reported zero taxable income for the assessment year 2023-24.

India experienced an increase in income tax return filings in the fiscal year 2023-24, although only 6.68% of the population participated, according to Parliament's Tuesday session.

Minister of State for Finance, Pankaj Chaudhary, noted over 8.09 crore filings, a rise from 7.40 crore in the previous fiscal year.

Additionally, the number of people reporting zero taxable income has surged to 4.90 crore, reflecting shifts in personal financial disclosures.

(With inputs from agencies.)