Indian taxpayers make new record as income tax returns surge to all-time high of 7.85 crore! Details | Economy News
Indian taxpayers made a new record of over 7.85 crore Income Tax Returns (ITRs) filed until October 31, 2023 (Photo credit: Pixabay)
New Delhi: More Indian taxpayers paid returns in financial year 2023-24 than ever before, with income tax returns (ITRs) reaching a record high of 7.85 crore as of October 31, 2023, according to an official statement. The ITRs for assessment year 2023-24 were up 11.7 per cent year-on-year to over 7.65 crore. Of these, 7.52 crore ITRs were already verified, according to the income tax (I-T) department.
Record number of Income Tax Returns (ITRs) filed till 31st October, 2023.
Few highlights:
👉Total ITRs filed in FY 23-24 for all AYs upto 31st October, 2023 stands at 7.85 crore. An all-time high!
👉More than 7.65 crore ITRs filed for AY 2023-24 upto 31st October, 2023 which is… pic.twitter.com/DKOuZSeGBt— Income Tax India (@IncomeTaxIndia) November 1, 2023
Of these 7.51 crore verified ITRs, 7.19 crore were processed as of October 31, 2023. Nearly 96 per cent of verified ITrs had been processed by the I-T department. As of October 31, 2023, nearly 1.44 crore statutory forms had been filed by taxpayers. “The Department expresses its gratitude to all taxpayers and tax professionals for their support and timely compliance,” the I-T department said in a Twitter post.
Also read: Income Tax alleges Rs 30,000-crore tax evasion by insurance companies, intermediaries
I-T department to the rescue
The income tax department stood by taxpayers to handhold them through the ITR filing journey by:
- Ensuring seamless filing experience
- Helpdesk support
- Webinars
Also read: Hyderabad — Income Tax dept raids BRS MLA Maganti Gopinath’s properties
What is the last date for filing ITRs for ATY 2023-24?
The last date for filing ITRs for AY2023-24 was July 31, 2023. Those who failed to file ITR on time will be liable to interest payment under section 234A and penalty under section 234F of the I-T Act. The penalty for filing late ITRs is Rs 1,000-5,000 for ITRs filed until December 31, 2023, based on the tax slab. Taxpayers will have to pay additional interest on tax for late filing. Taxpayers can file ITRs on their own via e-filing portal. Here they will find a prefilled I-T return form. They are required to share Form 16 as proof of tax deduction at source by the employer.
