Tax filing will have to double every nine years to meet FY47 target

Growth rate to achieve target would be over 8% per annum

Finance Minister Nirmala Sitharaman said on Tuesday that she believes income tax filings will increase multifold from the current level of 70 million to 482 million by 2047. For this to become a reality, the total annual income tax return filings would need to touch around 149 million over the next nine years, based on the growth rate that this would imply. 

This means an additional 76 million annual tax filers by FY32, or more than the filing seen on an annual basis currently, over seven decades after the Independence.

This assumes a lower growth rate than that seen in