The Aryavarth Express
Agency(New Delhi): Union Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman, revealed a notable growth in India’s direct tax collections and the number of tax return filers while presenting the Interim Budget 2024-25 in Parliament. She stated that over the past decade, direct tax collections have more than trebled, and the number of return filers has increased to 2.4 times.
Smt. Sitharaman acknowledged the contributions of taxpayers, emphasizing that their funds have been judiciously utilized for the development of the country and the welfare of its citizens. She expressed gratitude to the taxpayers for their support.
The Minister highlighted the government’s efforts in tax reform, noting that under the new tax regime, tax rates have been reduced and rationalized. The tax liability threshold has been raised from ₹2.2 lakh in the financial year 2013-14 to ₹7 lakh, benefiting a larger section of taxpayers. The thresholds for presumptive taxation for retail businesses and professionals have also been increased, and corporate tax rates have been lowered to 22% for existing domestic companies and to 15% for certain new manufacturing companies.
The government’s focus over the last five years has been on improving taxpayer services. Significant reforms include the transformation of the jurisdiction-based assessment system with the introduction of Faceless Assessment and Appeal, enhancing efficiency, transparency, and accountability. The introduction of updated income tax returns, a new Form 26AS, and pre-filling of tax returns have simplified and eased the tax filing process. These measures have reduced the average processing time of returns from 93 days in 2013-14 to just ten days this year, resulting in faster refunds for taxpayers.