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A record number of 78.5 million income-tax returns (ITRs) were filed by taxpayers for all assessment years (AYs) up to October 31, the Union finance ministry said in a statement on Wednesday. | Latest News India
7.65 crore ITRs were filed for the assessment year 2023-24, representing an 11.7% increase compared to the previous year.
Taxpayers in India have filed 1.68 million updated income-tax returns, resulting in an additional tax payment of around ₹1,300 crore. The Central Board of Direct Taxes (CBDT) chairman, Nitin Gupta, credits technology and tax deducted at source for ensuring compliance. The CBDT has also collected ₹600 crore from online gaming companies and ₹105 crore from cryptocurrencies in the current fiscal year.
"Finance Act, 2012 mandated that the nature and source of any sum credited as share capital, share premium etc., in the books of a closely held company (excluding venture capital fund or a venture capital company registered with Sebi) shall be treated as explained u/s 68 only if the source of funds from a resident shareholder is also explained by investor," the I-T department said.
As on September 5, 2023, 6.98 crore ITRs for AY 2023-24 were filed, out of which 6.84 crore ITRs have been verified. The average processing time was 16 days in fiscal year 2022-23 and 82 days in fiscal year 2019-20, stated the PIB release.