Income Tax Return Update: Till July 31, 2023, a total of 6.77 crore taxpayers have filed income tax returns. The Income Tax Department has given this information. The department said that a total of 6.77 crore ITRs were filed in the assessment year 2023-24 while in 2022-23 till July 31, 2022, a total of 5.83 crore ITRs were filed. That is, in the assessment year 2023-24, 16.1 percent more income tax returns have been filed as compared to the assessment year 2022-23.
The Income Tax Department said that on July 31, 2023, 64.33 lakh income tax returns were filed in a single day. The department said that there are 53.67 lakh such income tax returns which have been filed by taxpayers for the first time. This clearly indicates that there is a significant increase in the number of tax base.
Income-tax Department appreciates taxpayers and tax professionals for making compliances in time, leading to a record surge in filing of Income-tax Returns (ITRs).
Here are some highlights:
👉More than 6.77 crore ITRs for AY 2023-24 filed till 31st July, 2023, 16.1% more than… pic.twitter.com/W7cG5ita8B— Income Tax India (@IncomeTaxIndia) August 1, 2023
The tax department said that out of 6.77 crore income tax returns, 49.18 per cent or 3.33 crore taxpayers have filed returns through ITR-1 form. There are 81.12 lakh or 11.97 per cent taxpayers who have filed returns through ITR-2.
There are 75.40 lakh or 11.13 per cent taxpayers who have filed income tax return through ITR-3. 1.81 crore or 26.77 per cent returns have been filed through ITR-4. There are 6.40 lakh or 0.94 per cent taxpayers who have filed returns through ITR 5 to 7.
According to the Income Tax Department, a large number of taxpayers have filed income tax returns by looking at financial transactions in their Annual Information Statement (AIS) and Taxpayers Information Statement (TIS).
According to the Income Tax Department, 5.63 crore ITRs have been e-verified. The Income Tax Department has appealed to the taxpayers to verify the ITR in the next 30 days.
What to do who could not file ITR
Taxpayers who could not file ITR till 31 July 2023 can file belated ITR till 31 December 2023. But they will have to pay a penalty of Rs 5,000. Those whose taxable income is less than Rs 5 lakh will have to pay a penalty of Rs 1,000.
