Income Tax: Big update from the Income Tax Department regarding those paying income tax, this thing has increased this time compared to last year.
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Income Tax Return: The last date for filing income tax returns for salaried and employed people was kept as 31st July by the Income Tax Department. After this he is fined for filing his returns. On one hand the whole world is moving towards economic recession. On the other hand, India’s economy is getting stronger. In this strengthening economy, people’s income has also increased.
Income Tax Return: Due to increase in people’s income, a record number of people have filed their income tax by 31st October this year. According to the Income Tax Department report, more than 7.85 crore Income Tax Returns (ITR) have been filed so far.
In the financial year 2023-24, a total of 7.85 crore ITRs have been filed for all assessment years, surpassing the previous record of 7.78 crore filed in the financial year 2022-23, the Income Tax Department said in a statement. The due date for filing ITR (except ITR 7) was October 31, exclusively for taxpayers who were not involved in international or specified domestic transactions, and whose accounts required audit.
For the year 2023-24, more than 7.65 crore ITRs have been filed till October 31, 2023. This is 11.7 percent more than last year. Out of 7.65 crore ITRs filed for FY 23-24, more than 7.51 crore ITRs have been verified, out of which 7.19 crore have already been processed till October 31, i.e. about 96 percent of the verified ITRs have been processed.
October 31 also marked the last date for filing essential statutory forms like Form 10B, 10BB and Form 3CEB, with over 1.44 crore various statutory forms filed till the deadline. The statement said that during the busiest filing days, the e-filing portal successfully managed the traffic, thereby providing a seamless experience to taxpayers and tax professionals in terms of submission of forms and ITR.
It said the department’s helpdesk provided assistance through various channels, including inbound and outbound calls, live chat, Webex, co-browsing sessions and online response management (orm) including handling queries on the Twitter handle of the department. Additionally, eight webinars and educational videos were conducted to guide taxpayers and tax professionals on various compliance-related matters.
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