Individual & HUF taxpayers beneficiaries of nearly all of authorities tax deductions and exemptions

The authorities’s tax exemptions and deductions are more and more weighted in direction of particular person taxpayers reasonably than corporations, in response to the newest information on the income the federal government has foregone because of such measures.

According to information shared on Monday (July 28, 2025) by Minister of State for Finance Pankaj Chaudhary with the Lok Sabha in response to a query, the exemptions and deductions availed of by people made up 60% of the full income foregone by the federal government in 2023-24.

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The information reveals the federal government gave up on complete tax income value ₹3.7 lakh crore in 2023-24 as a result of deductions and exemptions it offered to company, non-corporate, particular person, Hindu Undivided Family (HUF), and customs taxpayers.

This is up from income foregone of ₹3.4 lakh crore in 2019-20, ₹2.7 lakh crore in 2020-21, ₹3.1 lakh crore in 2021-22, and ₹3.3 lakh crore in 2022-23.

However, the breakup of this information reveals how the exemptions and deductions to particular person and HUF taxpayers have change into essentially the most dominant portion of the income foregone by the federal government.

Exemptions and deductions availed by company taxpayers resulted in ₹94,910 crore value of income being foregone in 2019, which elevated to ₹99,000 crore by 2023-24. However, as a proportion of the full income foregone, company taxpayers accounted for 26.8% in 2023-24, down from 28% in 2019-20.

Individual and HUF taxpayers, alternatively, noticed the quantum of the exemptions and deductions they availed of enhance from ₹1.55 lakh crore in 2019-20 to ₹2.21 lakh crore in 2023-24. As a proportion of complete income foregone, this section accounted for 46% in 2019, which grew to 60% by 2023-24.

Exemptions and deductions given on customs obligation accounted for a considerably smaller proportion over time thought-about — from 23.5% in 2019-20 to 10% in 2023-24.