Over eight crore Income Tax Returns have been filed in the Assessment Year 2023-24, surpassing previous year's 7,51,60,817 mark, according to the I-T department.
India Business News: Old versus new income tax regime: According to a survey by PB Fintech, 63% of Indian taxpayers continue to follow the old income tax regime, while 37%
The income tax department announced that a record-breaking 7.85 crore income tax returns (ITRs) were filed for the fiscal year 2023-24 until October 31, surpassing the previous year's total of 7.78 crore ITRs. The majority of these ITRs have been verified and processed, indicating a significant increase in compliance. The e-filing portal also efficiently managed high traffic during peak filing days, ensuring a smooth experience for taxpayers and professionals.
The number of Income Tax Returns (ITR) filings rose to a record level of 7.85 crore till October 31, according to the IT department. The number of ITR filings was 11.7% higher than last year
India Business News: The income tax department announced that individual taxpayers have increased by 90% in the past 8 years, with 6.37 crore returns filed in AY 2021-22.
The Income Tax (IT) department is contemplating launching campaigns to aid taxpayers, alongside their proactive efforts to expedite refund processing through alternative means, said the report.