In the financial year 2022-23 until 31st January 2023, a total of 2,09,06,829 individuals aged between 18 and 35 years filed their income tax returns (ITRs). This was revealed by the Union Minister of State for Finance, Shri Pankaj Chaudhary, in a written reply to a question in the Lok Sabha. According to the Income-tax Act, 1961, the tax is calculated and collected based on the total income returned in the ITR and includes income from various sources such as salary, house property, business or profession, capital gains, and other sources. The gross taxes paid by these individuals, before claims of a refund, were Rs 93,318 crore.
For individuals below the age of 18 years, a total of 4,861 ITRs were filed during the same period. These taxpayers paid a gross amount of Rs 6.31 crore in taxes, as per the ITRs filed and before claims of a refund. The calculation and collection of tax for this age group is also done based on the total income returned in the ITR and includes income from various sources, such as salary, house property, business or profession, capital gains, and other sources.
Income tax is a tax levied by the government on an individual’s or a business’s income. The calculation and collection of income tax is governed by the Income-tax Act, 1961 in India. The tax is calculated based on the total income returned in an individual’s or a business’s income tax return (ITR) and includes income from various sources such as salary, house property, business or profession, capital gains, and other sources. The amount of tax an individual or business owes is determined by their tax bracket and tax rate, which is based on their total income and is determined by the government.
Income tax data can include information such as the number of ITRs filed, the total income reported, and the amount of tax owed or paid by individuals and businesses. The data can provide insights into the financial status of the country and the compliance level of its citizens and businesses in terms of paying taxes. The government uses this data to plan its budget and make decisions on tax policies.
