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As reflected in income tax returns (ITRs) filed during the current fiscal year, youth in the age bracket of 18–35 have paid gross tax of over 93,000 crore during FY22. This is over 13 per cent of personal income tax (PIT) and over 6 per cent of gross direct tax collection of FY22.
In a written reply in the Lok Sabha, Minister of State in the Finance Ministry Pankaj Chaudhary said: “Total number of income tax returns (ITRs) filed by individuals (between the ages of 18 and 35) during FY23 till January 31, 2023 was over 2.09 crore.” This return is for FY22, which also showed gross taxes paid. The Minister added that gross taxes paid as per ITRs filed, before claim of refund, were ₹93,318 crore.
The e-filing portal showed total returns filed as of January 29 were over 7.53 crore. This means over 27 per cent of filers are in the age bracket of 18–35 years.
Further, the Minister said that the total number of ITRs filed by individuals (below the age of 18) during FY23 until December 31 was 4,861. For this category, the gross tax amount was ₹5.31 crore.
For individuals (whose accounts do not need to be audited), the last date for filing an income tax return for the previous year has been July 31 of the next fiscal, though one can file the return with a penalty until December 31. Another option is to file an updated return within 24 months from the end of the relevant assessment year, but that is for omissions or corrections only.
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