Individuals who hold PAN Cards should File Income Tax Returns, says IT Official
The income tax collection of Madurai Region has increased by just 1%, and there should be an active concentration on more tax collection, as stated by the Principal Commissioner of Income Tax.
They were discussing an intensifying taxpayers’ awareness campaign program inaugurated by the Institute of Chartered Accountants of India (Tirunelveli Branch) and the Tirunelveli District Chamber of Commerce and Industry.
The total number of PAN cards was 61 lakhs in the financial year 2023–24, while in that scenario, there were only 8.18 lakhs of people who had filed tax returns. While overall, there was a total rise in revenue collection by as much as 18% for the whole of India, the Madurai region managed to improve its collection by as little as 1%. Thus, attention should be shifted more towards tax revenues.
In the Tirunelveli district (including Tenkasi), the total number of PAN cards was 3644944, but only 353187 PAN card holders filed their IT returns; this is only 10% of the total number of PAN card holders. Hence, every eligible person has to file his or her returns.
Only 0.25% of people in our country’s returns are taken up for scrutiny, while 99.75% of returns are passed through the system without even a glance due to the principles of relying on people. Thus, the people who have their PAN cards should adopt the culture of paying income tax and filing returns so that it can help in the development of the country and achieve growth.
However, retail investors who invested worth Rs.18000 crore in the share market, are not paying taxes as proportionate to their investments. The officials emphasise that while India has more than 34 lakh demat accounts, only a few of them are paying income tax and filing their returns.
