Income Tax Return: In a significant development, a record-breaking number of 6.77 crore Income Tax Returns (ITRs) were filed until July 31 for the assessment year 2023-24.
Among these, an impressive 53.67 lakh individuals submitted their returns for the first time, according to the latest report from the Income Tax Department.
The figure of 6.77 crore ITRs represents a remarkable 16.1 percent increase compared to the 5.83 crore returns filed during the same period last year.
Last-minute Rush
The Income Tax Department had set July 31 as the deadline for salaried taxpayers and others who didn’t require an audit for the financial year 2022-23 to submit their ITRs.
Despite clear indications that the deadline would not be extended, a whopping 64.33 lakh returns were submitted on the final day.
Tax Base Expansion
The Income Tax Department has noted that 53.67 lakh individuals filing ITRs for the first time is a strong indicator of an expanding tax base.
However, companies and individuals subject to audit must file their income tax returns for the financial year 2022-23 by October 31.
Among the total returns filed until July 31, a significant 3.44 crore ITRs (61 percent) have already been electronically verified and processed.
Smooth Filing Experience
To aid taxpayers in filing their returns and addressing any issues, the Income Tax Department established an e-filing desk.
Out of the 6.77 crore returns filed for assessment year 2023-24, 49.18 percent were filed using ITR-1, while 11.97 percent utilized ITR-2.
ITR-3 accounted for 11.13 percent, ITR-4 for 26.77 percent, and ITR-5 for 0.94 percent of the total filings.
E-filing on the Rise
Impressively, over 46 percent of returns were filed online through the Income Tax Department’s e-filing portal, while the remaining were filed offline.
This surge in income tax filing has garnered applause from the public.
These statistics indicate a positive trend in income tax compliance and underscore the importance of timely filing for individuals and businesses alike.
The Income Tax Department encourages all eligible taxpayers to fulfill their obligations promptly and contribute to the nation’s growth.
