Over 800,000 Income Tax Returns Already Filed for Assessment Year 2024-25
In an effort to assist taxpayers in filing their returns for Assessment Year 2024-25, the Central Board of Direct Taxes (CBDT) made ITR-1, ITR-2, and ITR-4 available on the e-filing portal from April 1. As of May 5, nearly 829,000 income tax returns have been filed, with 750,000 returns already verified by taxpayers and 510,000 processed by the department.
Along with these commonly used income tax returns, companies can also file their ITRs through ITR-6 from April 1 onwards. Taxpayers not waiting for tax deducted at source certificates or not subject to audits can begin filing their ITRs. Experts anticipate a rise in the number of filed returns in the coming weeks, with most taxpayers expected to file by June when they receive TDS certificates from their employers and banks.
However, the current number of filed returns is merely a fraction of the 8.18 crore returns filed for AY 23-24 by December 31, 2023, and the 75.1 million ITRs filed for AY 22-23 by December 31, 2022. The CBDT aims to promote compliance and timely filing of returns to alleviate pressure on the IT portal and prevent last-minute rushes and calls for extension of due dates. This approach seeks to address issues faced by users when filing returns.