Tax Free Income: Income up to Rs 8 lakh can be tax free for senior citizens, know what are the rules

Tax Free Income: The number of Income Tax Returns is increasing every year. If we look at the figures for the year 2024, this year around 7.3 crore people have filed ITR. At the same time, it has been claimed in the media report that senior citizens between 60 to 80 years of age can be given relief on tax returns by the government. At present, annual income up to Rs 7 lakh is tax free in the country, in such a situation it can be increased to Rs 8 lakh.

In such a situation, if the government increases it to Rs 8 lakh, then there may be a big increase in the number of income tax returns. At the same time, it is expected that about 2 crore more ITRs can be filed this year.

Many records may be broken in ITR filing this year

In fact, according to a research report of the Economic Department of State Bank of India (SBI), the exemption given to senior citizens can lead to a huge increase in the number of people filing returns. In such a situation, the government should take this big step so that it increases. According to the report, many records may be broken in ITR filing this year. Actually, about 2 crore more ITRs are expected to be filed in this financial year. If this happens then by the end of the financial year the number of ITR will cross 9 crores. Whereas in the coming financial year this figure will easily cross 10 crores.

Big revelation in the report

Along with this, it has also been said in this report of SBI that 'There is an increase in ITR returns year after year. A total of 7.3 crore ITRs were filed in the year 2022. Whereas in 2024 this figure will increase to 8.6 crores. However, a big revelation has been made in the report. Actually, the report has revealed that now the number of people filing ITR after the due date is decreasing. It seems that discipline is being seen among the people. However, one reason for this could also be that the Income Tax Department has also made the process easier.