As the nation’s economy continues to evolve, so does the landscape of income tax compliance. The Income Tax Department has hit a remarkable milestone, setting new records in the filing of Income Tax Returns (ITRs) till the 31st of October, 2023. Let’s delve into the significant details:
A Landmark Achievement:
- Over 7.65 crore ITRs were filed for Assessment Year (AY) 2023-24 by the 31st of October, 2023, a remarkable 11.7% higher compared to the previous year when 6.85 crore ITRs were filed by the 7th of November, 2022, the deadline for the same in the preceding year.
All-Time High Filing:
- The total number of ITRs filed in the financial year 2023-24 for all assessment years until the 31st of October, 2023, stands at a record-breaking 7.85 crore, a feat surpassing the 7.78 crore ITRs filed in the financial year 2022-23.
Swift Verification and Processing:
- Out of the 7.65 crore ITRs filed for AY 2023-24, more than 7.51 crore ITRs have already been verified. Remarkably, out of these 7.51 crore verified ITRs, 7.19 crore have been processed by the 31st of October, 2023, equating to nearly 96% of the verified ITRs being processed in a timely manner.
Statutory Forms Filing:
- The 31st of October, 2023 was also the due date for filing several crucial statutory forms, including Form 10B, 10BB, and Form 3CEB. Over 1.44 crore various types of statutory forms were filed by this date.
Efficient E-Filing Portal:
- During the peak filing days, the e-filing portal effectively managed the traffic,