I-T return filings surge 16% to record 6.8 crore

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NEW DELHI: Revenue tax returns (ITRs) filed by salaried people and non-audit circumstances by the July 31 deadline rose by 94 lakh or 16.1% to just about 6.8 crore, a file.

This included 53.7 lakh returns by first-time assesses, “a good indication of the widening tax base”, the Central Board of Direct Taxes (CBDT) mentioned in an announcement.
Whereas asking those that have nonetheless not filed their returns to take action on the earliest, it additionally prompt that those that have submitted throughout the deadline – and due to this fact, don’t have to pay a late fee payment – ought to confirm their returns inside 30 days for his or her processing and situation of refunds.

Already, 5.6 crore returns – which is near 85% – have been verified electronically. And inside this, over 3.4 crore returns have been processed.
“The I-T division appreciates taxpayers and tax professionals for making compliances in time, resulting in a surge in submitting of ITRs… campaigns on social media, together with focused e mail and SMS campaigns, had been launched to encourage the taxpayers to file their ITRs early. Such concerted efforts led to fruitful outcomes with taxpayers submitting their ITRs for evaluation 12 months 2023-24 (FY 2022-23) comparatively earlier in comparison with the corresponding interval of the previous 12 months,” the CBDT assertion mentioned.
As is at all times the case, filings peaked on Monday, the final day, with near 10% or 64 lakh returns filed. Virtually 5 lakh had been filed between 5PM and 6PM with the best per second fee of 486 at 16:35:06 and the best per minute fee of 8,622 at 17:54.
The tax division additionally mentioned that numerous taxpayers used the annual info assertion and the taxpayer info abstract. “A considerable portion of the information for ITR-1,2,3 and 4 was already prefilled, pertaining to wage, curiosity, dividend, private info, tax fee together with TDS associated info, introduced ahead losses, MAT credit score and so forth. to additional ease compliance for taxpayers. The taxpayers used this facility extensively, leading to smoother and quicker submitting of ITRs,” it mentioned.

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