The income-tax (I-T) department has recorded a surge in filing of Income-tax Returns (ITRs), resulting in a new record of 8.18 crore ITRs for the A.Y. 2023-2024
The e-filing portal successfully handled the traffic, providing a seamless experience to the taxpayers and tax professionals for filing the audit reports.
ITR Filing 2023: The Income Tax Department has in a notification recently highlighted that numerous instances in which ITRs have been processed, and refund amounts have been calculated.
Finance Minister Nirmala Sitharaman highlighted the surge of ITR filings in India and added that it highlights the significant formalisation of the country's economy.
If you have paid your taxes on time but did not file your income tax returns, you cannot file the returns or apply for a late filing request. The Income Tax Department may issue a notice under Section 271F for not filing your ITR.
As per the Income Tax department, more than 5.83 crore returns have been filed for FY 2022-23 until 1 pm on July 30, crossing last year’s filings till July 31.
For the ones who are unaware, taxpayers who fail to file ITR before the deadline and have a total income of up to Rs 5 lakh, they will have to pay a penalty of Rs 1,000.