J&K witnesses surge in individual taxpayers

SRINAGAR, NOV 18: In a notable indicator of economic development, the number of individual taxpayers in Jammu and Kashmir has reached 5.22 lakh during the fiscal year 2022-23.

This figure represents a substantial growth in the region’s economy, with over 70 thousand individuals joining the income tax system in the past four years.

The Finance Ministry, in a data submission to parliament, revealed that 5,22,517 individuals filed income returns in Jammu and Kashmir during the fiscal year 2022-23, marking an addition of 73,268 people since 2019. In the preceding fiscal year 2021-22, 4,38,770 taxpayers were registered.

Despite the challenges posed by the COVID-19 pandemic from 2020 to 2021, the number of taxpayers in the region remained relatively stable. In the fiscal year 2020-21, 4,25,456 filed returns, and in fiscal year 2019-20, the figure stood at 4,49,249.

The government highlighted the trend of development in Jammu and Kashmir over the past four years, with 73,268 more individuals beginning to pay direct taxes during this period. Government data also indicated an increase in the proportion of individuals in the region with no tax responsibility.

“During FY-2022-23, 3,57,719 people filed IT returns with zero tax liability, showcasing a remarkable improvement in the ratio of zero tax liability in the last four years,” stated the Finance Ministry.

This figure was only 153,009 during the fiscal year 2019-20. In the fiscal years 2021-22 and 2020-21, the number of individuals with no tax responsibility was 300,634 and 284,398, respectively.

The Finance Ministry attributed the increase in the number of individuals filing Income Tax Returns in the financial year 2022-23 to various government measures.

These include the expansion of the scope of Tax Deducted at Source/Tax Collected at Source (TDS/TCS), simplification of personal income tax, and the Finance Act, 2020, which simplified the filing of Income Tax Returns by providing an option for individual taxpayers to pay Income-tax at lower slab rates if they do not avail specified exemptions and incentives.

The pre-filling of Income Tax Returns has also been introduced to enhance tax compliance, providing convenience to individual taxpayers. The pre-filled returns include information such as salary income, bank interest, dividends, among other details.

The data suggests a positive trajectory for economic growth in Jammu and Kashmir, with the increasing number of taxpayers reflecting a thriving and expanding economic landscape in the region.

Leave A Reply

Your email address will not be published. Required fields are marked *

Related Posts