According to official sources, "nearly 90% of the updated returns filed by July 31 this year were by non-filers," which indicates that taxpayer compliance has improved.
In the event of an error or extra information, taxpayers can resubmit their income tax returns and pay the required taxes under the revised return filing facility, which was established in the Union Budget 2022–2023. Within two years of the conclusion of the applicable assessment year, this amended return may be submitted. The excess tax amount is also subject to a penalty.
By July 31 of this year, about 8 crore income tax returns had been filed, which some sources credit to increased taxpayer compliance. The new income tax regime has also been chosen by roughly 74% of people who file individual income tax returns.
Between April 1 and November 10 of this year, gross direct tax revenues increased by 21.2% to Rs 15.2 lakh crore, while net collections over the same period were Rs 12.1 lakh crore. According to sources, the administration is still optimistic about meeting and surpassing the current budget forecast for direct tax collections, given the current economic climate and direct tax collecting patterns.
Direct tax revenue is expected to reach Rs 22.07 lakh crore in the Union Budget 2024–2025, a 13.5% rise over the 2023–2024 Revised Estimates.
