Economy Desk: The number of Tax Identification Number (TIN) holders in the country has crossed one crore. According to National Board of Revenue sources, about 150,000 of these companies and firms are individuals, or Tax Identification Numbers, or TIN holders.
At present, the rate of TIN acquisition and return submission has increased. Especially since NBR has made Proof of Submission of Return (PSR) mandatory for availing 43 services, many are forced to take TIN. Because returns cannot be submitted or proved without TIN, That is why TIN holders are increasing, and return submissions are also increasing.
According to NBR data, in 2013, there were 1.6 lakh TIN holders in the country. As such, TIN holders have increased more than six times in a decade. However, as per the current provisions of the NBR, almost all TIN holders are required to submit tax returns. But according to NBR’s calculations, return submissions have been as high as 36 lakhs.
In other words, almost two-thirds of TIN holders do not submit returns or report their income and expenses to the government. However, NBR expects return deposits to reach 40 lakhs by next June. The number of tax return submissions in 2020 was 21 lakh.
