13 lakh income tax returns filed daily; tally crosses ₹2.7 crore
The Income Tax Department has reported a significant surge in the daily filing of income tax returns (ITR), with the number reaching 13 lakhs close to the deadline. This increase is attributed to the department’s initiative to enable taxpayers to file returns on the first day of the new financial year, marking a first in recent times for the assessment year 2024-25 (fiscal year 2023-24).
According to an update on the e-filing website, over 2.7 crore ITRs have been filed as of July 14, 2024, indicating a 13% increase compared to the same period last year. In a remarkable comparison, the milestone of one-crore ITRs for AY 2024-25 was achieved on June 23, while the two-crore mark was reached on July 7. This is notably earlier than the previous year’s timeline of June 26 and July 11, respectively.
During AY 2023-24, over 6.91 crore returns were filed by July 31, 2023, and this number rose to 8.62 crore by March 31, 2024.
The due date for filing returns by individuals and entities with non-audited accounts is July 31. Failure to meet this deadline will result in the assessee having to pay interest of 1% per month or part of the month on the unpaid tax amount. Additionally, late filing will attract a fee of ₹5,000 (₹1,000 for income below ₹5 lakh), with no late filing fee applicable for revised returns. The deadline for late and revised filings is December 31.
Taxpayers can benefit from carrying forward losses from sources such as the stock market, mutual funds, properties, or businesses, and offset them against income in the subsequent year. This provision substantially reduces tax liability in future years, emphasizing the importance of filing returns within the deadline.
The article also highlights the simplified process introduced by the Finance Act 2020, which allows individuals to pay income tax at lower slab rates in the absence of specified exemptions and incentives. Notably, taxpayers are provided with pre-filled returns containing details such as salary income, bank interest, dividends, and more for added convenience.
Furthermore, under the new form 26AS, in effect from June 1, 2020, taxpayers can access comprehensive information on deduction or collection of tax, specified financial transactions (SFT), payment of taxes, demand and refund, as well as pending and completed proceedings. This initiative aims to promote voluntary compliance and facilitate seamless pre-filing of ITR by displaying annual information against a PAN in advance, before the compliance date for ITR filing.
