India saw a record high of Income Tax Return (ITR) filings for the assessment year 2023–24 (AY 2023–24), as around 8.18 crore people filed ITRs till December 31, 2023. According to reports, this was 9 percent more than the 7.51 crore ITRs filed in the same period of the last financial year. The Income Tax (IT) department revealed that the total number of audit reports and other forms filed during this period reached 1.60 crore, while there were just 1.43 crore audit reports and forms that were filed in the same period last year. The IT Department also shared some highlights of the record ITR filings on X (formerly Twitter). They wrote,”Record the number of Income Tax Returns (ITRs) filed till 31st December, 2023! Few highlights:
8.18 crore ITRs filed for AY 2023-24 upto 31.12.2023 which is 9% higher y-o-y.
1.60 crore audit reports and other forms filed.
AIS facility was used extensively, resulting in smoother and faster filing of ITRs.
TIN 2.0, a digital e-pay tax payment platform, has enabled real-time credit of taxes to taxpayers which made ITR filing easier & faster.
Over 103.5 crore outreaches were made through targeted e-mails, SMS and other creative campaigns to encourage taxpayers to file their ITRs and Forms early.
e-filing helpdesk team handled approximately 27.37 lakh queries from taxpayers upto 31.12.2023.”
The department also showed gratitude towards the taxpayers and thanked them for complying with the rules. They also suggested that the taxpayers should verify their unverified ITRs within 30 days.
Majority of taxpayers did their due diligence by looking at their Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) and comparing the data of their financial transactions. In order to ease compliance by taxpayers, a large portion of the data for all ITRs was filled with data related to salary, interest, dividends, personal information, tax payments, including information related to TDS, losses brought forward, MAT credit, etc. This facility was used extensively and resulted in smoother and faster filings.
Another important reason for higher ITR filings during AY 2023–24 was the setting up of a digital e-pay tax payment platform called TIN 2.0, which was made fully functional on the e-filing portal, replacing the OLTAS payment system. It enabled user-friendly options for e-payment of taxes like Internet banking, NEFT/RTGS, OTC, debit cards, payment gateways, and UPI, making it easier for taxpayers.
Source By: news18
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