LI Network
Published on: 21 July 2023 at 17:49 IST
As of July 18th, 2023, the Income Tax Department has achieved a significant milestone by receiving over 3 crore income tax returns (ITRs) for Assessment Year (A.Y.) 2023-24. The number of filings has surpassed last year’s figure, which was also 3 crore, and the department has managed to achieve this target 7 days ahead of the scheduled date.
The due date for filing income tax returns for A.Y. 2023-24 is July 31, 2023.
Out of the total 3.06 crore ITRs filed, an overwhelming majority of 2.81 crore ITRs have been e-verified. This constitutes more than 91% of the total filings and demonstrates the increasing adoption of electronic methods for filing income tax returns. Furthermore, the Income Tax Department has efficiently processed 1.50 crore e-verified ITRs as of the same date, providing prompt responses to taxpayers.
The department has expressed its gratitude to taxpayers and tax professionals for their cooperation and support in achieving this remarkable feat. The collaborative efforts of taxpayers and the Income Tax Department have led to the achievement of the 3 crore ITRs filing target ahead of schedule.
However, the Income Tax Department has not yet provided any clarification regarding the status of processed ITR refunds. Taxpayers are eagerly awaiting this crucial information to be aware of the progress of their refund claims.
With the momentum gained from surpassing the filing target, the Income Tax Department strongly encourages individuals who have not yet filed their Income Tax Returns for A.Y. 2023-24 to do so promptly. Timely filing will help taxpayers avoid any last-minute rush and potential penalties for delayed ITR submission.
Filing Income Tax Returns is essential for the following reasons:
1. To avoid penalties for delayed ITR filing.
2. To carry forward and set off eligible losses against future income.
3. To claim eligible tax deductions and reduce the tax liability.
4. To obtain income tax refunds promptly, if applicable.
5. To make other financial processes easier and smoother.
As the deadline for filing ITRs approaches, the Income Tax Department continues to strive for efficient and transparent processing of returns, ensuring taxpayers’ compliance and smooth tax administration.
The Income Tax Department urges all taxpayers to promptly file their ITRs and fulfill their tax obligations for A.Y. 2023-24. By doing so, they contribute to the nation’s progress and financial stability.
For any queries or assistance regarding income tax filing, taxpayers can visit the official Income Tax Department website or consult with qualified tax professionals.