Number of Income Taxpayers in India Exceeds 10 Crore, Tax Buoyancy Hits 2+ in FY24

The number of income taxpayers in India crossed 10 crore in FY24, with tax buoyancy surging past 2. This significant milestone reflects the growing taxpayer base and improved tax compliance. The Central Board of Direct Taxes (CBDT) reported that the total number of Income-Tax Returns (ITRs) filed grew by 10.7%, totaling 86.1 million. The increase in taxpayers and tax buoyancy indicates a more robust and efficient tax administration. The rise in the number of taxpayers is attributed to various government initiatives aimed at widening the tax base and encouraging voluntary compliance. This growth in the taxpayer base is expected to contribute significantly to India’s fiscal health and economic development. The improved tax buoyancy also highlights the responsiveness of tax collections to GDP growth, further strengthening the country’s revenue system.