Income Tax Department Records Historic Surge in ITR Filings for Assessment Year 2023-24
The Income Tax Department in India has witnessed an unprecedented surge in the filing of Income Tax Returns (ITRs), marking a significant milestone in the country’s tax compliance landscape. As of October 31, 2023, the due date for the submission of ITRs (excluding ITR 7) for taxpayers not involved in international or specified domestic transactions requiring audited books of account, an astounding 7.65 crore ITRs have been filed for Assessment Year (AY) 2023-24. This figure represents a remarkable 11.7% increase when compared to the previous year’s tally.
In further detail, for the Financial Year 2023-24, the cumulative number of ITRs filed for all assessment years up to October 31, 2023, has reached an all-time high of 7.85 crore, surpassing the previous year’s count of 7.78 crore ITRs filed during FY 2022-23.
Of the 7.65 crore ITRs submitted for AY 2023-24, a substantial 7.51 crore ITRs have been verified. An impressive 7.19 crore of these verified ITRs have been efficiently processed by the Income Tax Department, achieving a remarkable processing rate of nearly 96% by the end of October 2023.
Notably, October 31, 2023, also marked the deadline for the submission of various essential statutory forms, including Form 10B, 10BB, and Form 3CEB. More than 1.44 crore of these diverse statutory forms were successfully filed by the stipulated deadline.
During the peak days of the filing period, the Income Tax Department’s e-filing portal ensured a seamless and efficient experience for taxpayers and tax professionals, earning praise on various social media platforms for its performance.
The Department’s helpdesk played a pivotal role in addressing taxpayer queries through inbound calls, outbound calls, live chats, Webex, and co-browsing sessions. The support team also actively managed queries received via the Department’s Twitter handle through Online Response Management (ORM), providing real-time assistance to taxpayers and stakeholders.
To aid taxpayers and tax professionals in navigating the complex filing process, eight webinars were organized, covering topics such as filing auditable and time-bound forms, ITR-3/5/6 submission, DSC registration, Form 10B/10BB filing, and more. Educational videos were also made available on the e-filing portal to facilitate a better understanding of the process.
The Income Tax Department extends its gratitude to taxpayers and tax professionals for their exemplary compliance and encourages those who are yet to file the required forms and ITRs to do so promptly. The Department emphasizes the importance of timely tax-related compliances and urges all stakeholders to continue their diligent efforts in this regard.
