Income tax Return Filing in India (Latest Data 2023): More than 2 crore taxpayers in the age group of 18 to 35 years filed their Income Tax Returns (ITRs) in FY 2022-23, according to the Government.

In a written reply to a query in the Lok Sabha on Monday (February 6), Pankaj Chaudhary, Minister of State in the Ministry of Finance, said, “Total number of Income tax Returns (ITRs) filed by individuals (between the age of 18 to 35 years) during FY 2022-23 till 31st January 2023: 2,09,06,829.”

How is Tax Calculated?

Responding to another query on the amount of tax collected from taxpayers in the 18-35 year age group under different heads, Chaudhary said as per Income-tax Act,1961, tax is calculated and collected based on total income returned in ITR.New Income Tax Slab 2023-24 for Senior Citizens: Old vs New – What will apply for ITR filing this year?

“Total Income includes income from different heads of income such as income from salary, income from house property, income from profit and gains from business or profession, income from capital gains and income from other sources. Tax is not collected separately under different heads,” the minister said.

Chaudhary further said that the gross taxes paid by individuals in the 18-35 year age group in FY 2022-23, as per ITRs filed, before the claim of the refund was Rs 93,318 crore.

How many individuals aged below 18 years filed ITR

Interestingly, as many as 4861 number of ITRs were filed by individuals below the age of 18 years during FY 2022-23 till 31st January 2023. The gross taxes by taxpayers in this age group was Gross taxes paid as per ITRs filed, before the claim of refund was Rs 6.31 crore.

Income up to Rs 7.5 lakh/year is tax-free

In Budget 2023, the Central Government announced that annual income of up to Rs 7 lakh will be tax-free under the New Tax Regime. This along with the standard deduction of Rs 50,000 under the New Regime will make income up to rs 7.5 lakh tax-free for salaried persons.