New Delhi: As many as 2,09,06,829 Revenue tax Returns (ITRs) had been filed by people (between the age of 18 to 35 years) throughout FY 2022-23 until January 31, 2023, mentioned the Union Minister of State for Finance Pankaj Chaudhary in a written reply to a query in Lok Sabha on Monday.
As per Revenue-tax Act, 1961, tax is calculated and picked up primarily based on complete revenue returned in ITR.
Whole Revenue consists of revenue from totally different heads of revenue similar to revenue from wage, revenue from home property, revenue from revenue and positive aspects from enterprise or career, revenue from capital positive aspects and revenue from different sources.
“Tax will not be collected individually underneath totally different heads. Rs 93,318 crore is the gross taxes paid as per ITRs filed, earlier than the declare of refund,” the minister acknowledged.
For beneath the age of 18 years, the minister additional acknowledged that 4,861 variety of ITR filed had been by people throughout FY 2022-23 until thirty first January 2023.
The Minister acknowledged that this class of taxpayers paid Rs 6.31 crore gross taxes as per ITRs filed, earlier than the declare of refund.