Over 1 crore individuals, firms under tax net
An average 10,000 individuals and firms are availing TINs every day, said a NBR official
Highlights
- TIN holders increased six times in a decade
- An average of 10,000 individuals and firms are availing TINs every day
- Return submission to be doubled in 4 years
The number of Tax Identification Number (TIN) holders in the country has reached a new milestone, exceeding 1 crore (10,003,844) as of last Thursday.
A senior official of the Income Tax Department of the National Board of Revenue (NBR) told The Business Standard, "The rate of TIN collection has increased. An average 10,000 individuals and firms are availing TINs every day."
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A total of 97,31,439 are individual TIN holders while 1.80 lakh companies and 77,000 firms have TINs and others have more than 15,000, according to NBR.
Despite the positive growth, a significant gap remains between TIN holders and actual return submissions.
According to NBR's calculations, as of last week, only 36 lakh individuals and firms submitted tax returns, leaving almost two-thirds non-compliant.
Explaining the reason for this, he said, "Proof of Submission of Return (PSR) is now mandatory for availing 43 NBR services, prompting individuals and firms to obtain TINs to comply.
According to NBR data, TIN holders in the country in 2013 were about 1.6 lakh. As such, the number of TIN holders has increased more than six times in a decade.
Acknowledging this challenge, NBR Chairman Abu Hena Md Rahmatul Muneem, at a recent event, expressed hope that the number of tax return submissions will increase to 40 lakh by next June which was 21 lakh in 2020."
That means the return submission will be doubled in four years.
