For the Assessment Year 2024-25 nearly 800,000 income tax returns have been filed earlier as the Central Board of Direct Taxes enabled functionalities for commonly used income tax returns from April 1 in the current year.
Since the eligible taxpayer has begun using the chance to smash the last-minute rush, over 829,000 ITR had been filed by May 5 for AY 24-25, as per the information of CBDT. taxpayers have already validated 750,000 returns out of the total figure and the department has processed 510,000 of these.
The CBDT had made ITR-1, ITR-2, and ITR-4, to assist the assessees in filing their income returns for AY24-25, which are utilised by the taxpayers, available on the e-filing portal from 1st April. W.e.f 1st April the companies can file their income tax returns via ITR-6.
The taxpayer can initiate to furnish their ITRs who do not need to wait for the tax deducted at source certificates or are not within the audits. In the forthcoming weeks, many more taxpayers are anticipated to furnish their income tax returns, and the figures have been increasing on a day-to-day basis in the forthcoming weeks.
Many more taxpayers can choose to file their Income tax returns only by June when they will obtain TDS certificates from their employers and banks.
Till now the number of returns furnished is just a fraction of the 8.18 crore returns filed for AY 23-24 by December 31, 2023. As many as 75.1 million ITRs were furnished for AY 2022-23 by December 31, 2022.
To rectify the compliance amongst the assessees the CBDT is functioning also they are employing to file timely returns to avoid the last-minute rush and calls for an extension of the deadline. It directed to push on the IT portal with distinct users who face obstacles in return filing.
