Over 8.22 cr taxpayers in FY20


India had 8.22 crore taxpayers, which embrace people and corporates, in 2019-20, Finance Minister Nirmala Sitharaman knowledgeable the Rajya Sabha on Tuesday. “Complete variety of taxpayers for AY 2020-21 is 8,22,83,407. The projected whole inhabitants of the nation as on March 1, 2021 …. was 136.30 crore,” Sitharaman stated.

The variety of taxpayers embrace individuals who pay revenue tax and company tax and who’ve both filed a Return of Earnings or in whose case tax has been deducted at supply.

Sitharaman additional stated the federal government has applied the non-filers monitoring system (NMS) which assimilates and analyses in-house info in addition to transactional information obtained from third-parties to determine such individuals/entities who’ve undertaken excessive worth monetary transactions with potential tax liabilities however haven’t filed their returns.

“The (tax) division seeks to convey extra non-filers into the tax internet by formulating region-specific methods by the sphere authorities for figuring out potential non-filers, holding of outreach programmes to encourage voluntary compliance and in depth use of mass media for creating consciousness, issuing statutory notices to implement compliance, simplification in income-tax returns and submitting course of to encourage voluntary submitting,” she stated.

Additional, e-mails and SMS reminders are issued to taxpayers to file ITRs and pay their due taxes.

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