The Income Tax Department has announced a significant achievement with over 7.85 crore Income Tax Returns (ITRs) filed by the October 31 deadline, setting a new record.
These ITRs were filed for various assessment years during the fiscal year 2023-24, surpassing the previous record of 7.78 crore filings in the fiscal year 2022-23.
It is worth noting that the deadline for filing (excluding ITR 7) on October 31 applied to taxpayers not involved in international or specified domestic transactions, and whose books of accounts are subject to auditing.
By October 31, 2023, 7.65 crore ITRs were filed in total for the assessment year 2023-24, marking 11.7% growth compared to the previous year of 6.85 crore ITRs being filed by November 7, 2022 (the due date for filing in the previous year).
Around 96% of the verified income tax returns (ITRs), out of a total of 7.65 crore ITRs filed for the assessment year 2023-24, have been processed by October 31. And out of that number, 7.19 crore ITRs have been processed, while over 7.51 crore ITRs have been successfully verified.
In addition to ITRs, the deadline of October 31 also marked the filing of essential statutory forms such as Income Tax Return Form 10B, 10BB, and Form 3CEB, with more than 1.44 crore forms submitted by the deadline.
Throughout the high-volume filing period, the electronic filing portal effectively managed the surge in website traffic, ensuring a smooth and hassle-free experience for taxpayers and tax professionals when submitting forms and income tax returns (ITRs).
The Income Tax Department’s helpdesk extended support through various channels, including inbound and outbound calls, live chats, Webex, co-browsing sessions, and addressing queries on the department’s Twitter handle via Online Response Management (ORM).
More Than 30% Increase in Tax Returns Filed By Entities Over Rs. 500 Crore in AY22
Additionally, the department organized eight webinars and educational videos to assist taxpayers and tax professionals in understanding various compliance-related matters.
