Key Points
The number of individual crorepati income tax return (ITR) filers has almost doubled in the last five years, data presented in Rajya Sabha showed..
In a written reply, Minister of State in the Finance Ministry Pankaj Chaudhry presented data that showed that the number of individuals who submitted an e-return with income of more than 1 crore was over 1.09 lakh during the Assessment Year 2019-20..
Although the Ministry has not given any reason for the rise in the number of crorepati filers, it is believed that not only has there been a rise in incomes, there has also been an increase in the number of filers..
According to theIncome Tax Department, the number of returns filed rose to a new record of 8.18 crore for AY24 (till December 31, 2023), showing a growth of more than 9 per cent as against 7.51 crore returns filed in the previous year..
Updated Return: Under section 139(8A), a tax payer is permitted to update his return anytime within two years from the end of the relevant assessment year so that he can file an updated return by voluntarily admitting omission or mistakes and paying tax as applicable..
