“The total number of taxpayers for AY 2020-21 is,” said Sitharaman.

India had 8.22 crore taxpayers, including individuals and businesses, in 2019-20, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday.

“The total number of taxpayers for AY 2020-21 is The projected total population of the country as of March 1, 2021…. was 136.30 crore,” said Sitharaman.

The number of taxpayers includes individuals who pay income tax and corporate income tax and who have either filed an income tax return or from whom tax has been withheld.

Sitharaman further said that the government has implemented the non-filers monitoring system (NMS) that assimilates and analyzes internal information and transaction data received from third parties to identify such individuals/entities that have engaged in high-value financial transactions with potential tax. obligations, but have not filed their return.

“The (tax) department is trying to get more non-filers into the tax grid by formulating region-specific strategies by the field authorities for identifying potential non-filers, conducting outreach programs to encourage voluntary compliance, and extensive use of mass media for raising awareness, issuing legal notices to enforce compliance, simplifying income tax returns and the filing process to encourage voluntary filing,” she said.

Furthermore, emails and SMS reminders are sent to taxpayers to file ITRs and pay their taxes due.

This post More than 8.22 crore taxpayers in FY20, informs Nirmala Sitharaman Rajya Sabha

was original published at “https://www.financialexpress.com/economy/over-8-22-crore-taxpayers-in-fy20-nirmala-sitharaman-informs-rajya-sabha/2461832/”