Income Tax Milestone: Record-Breaking 7.85 Crore ITRs Filed till October 2023!

In an extraordinary display of tax compliance, India’s Income Tax Department has achieved an unprecedented milestone by receiving a staggering 7.85 crore Income Tax Returns (ITRs) for all assessment years up to October 31, 2023. This remarkable achievement underscores the efficiency and growth of India’s taxation system.

11.7% Year-on-Year Growth in ITR Filings

The numbers speak for themselves – over 7.65 crore ITRs were filed for Assessment Year (AY) 2023-24 until October 31, 2023. This figure represents an impressive 11.7% increase compared to the 6.85 crore ITRs filed by the same date in the previous fiscal year. The Indian taxpayers have demonstrated a remarkable commitment to fulfilling their tax obligations.

Swift Processing and Verification

Beyond the sheer quantity, the quality of tax compliance is equally striking. More than 7.51 crore ITRs have already been verified, highlighting the diligence of Indian taxpayers. Impressively, out of these verified ITRs, 7.19 crore have been processed by the Income Tax Department, demonstrating the department’s efficacy in managing this surge. Almost 96% of the verified ITRs have been processed as of October 31, 2023, streamlining the taxation process for millions of individuals and businesses.

Statutory Forms and Deadlines Met

The remarkable achievement doesn’t stop at ITRs. October 31, 2023, was also the deadline for filing various crucial statutory forms, such as Form 10B, 10BB, and Form 3CEB. More than 1.44 crore statutory forms of various types were submitted, further highlighting the efficiency and compliance of the Indian tax ecosystem.

Seamless Tax Filing Experience

During the peak filing days, the Income Tax Department’s e-filing portal deftly handled the massive influx of traffic, ensuring a seamless experience for taxpayers and tax professionals. This commendable effort did not go unnoticed, with taxpayers and professionals lauding the department’s efficiency on various platforms, including social media.

Dedicated Support and Real-Time Assistance

In addition to the efficient online filing portal, the Income Tax Department’s helpdesk provided invaluable support to taxpayers through various channels, including inbound calls, outbound calls, live chats, Webex, and co-browsing sessions. The helpdesk team proactively addressed queries received on the department’s Twitter handle through Online Response Management (ORM), offering near real-time assistance to taxpayers and stakeholders.

This record-breaking achievement not only reflects the commitment of Indian taxpayers to their tax obligations but also highlights the continued modernization and efficiency of India’s tax administration. It’s a testament to the evolving landscape of taxation in the country and a positive sign of growth and compliance in India’s economic landscape.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.