High volume of ITR Filings on the deadline day FY 2023-24
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High volume of Income Tax Return filings on the deadline day FY 2023-24
High volume of Income Tax Return filings on the deadline day indicates a significant rush among taxpayers to comply with the tax regulations before the due date. Over 7 crore ITRs filed this year demonstrates a broad base of compliance and awareness among taxpayers.
Last-day surge of over 50 lakh filings by 7 pm highlights the urgency and the habit of last-minute submissions. This pattern emphasizes the importance of robust IT infrastructure to handle such a high volume of filings smoothly.
The record-breaking filing of 69.93 lakh Income Tax Return on the last day of the deadline for salaried taxpayers and non-tax audit cases underscores the significant engagement of taxpayers in fulfilling their tax obligations. The inclusion of over 58.57 lakh first-time filers indicates a successful broadening of the tax base, reflecting increased taxpayer awareness and participation.
Distribution of Income Tax Return filings for the AY 2024-25
The data you provided indicates a diverse distribution of Income Tax Return filings for the AY 2024-25. Here’s a breakdown:
- ITR-1: 45.77%
- ITR-2: 14.93%
- ITR-3: 12.50%
- ITR-4: 25.77%
- ITR-5 to ITR-7: 1.03%
Additionally, 43.82% of these returns were Income Tax Return filed using the online utility on the e-filing portal, which managed to efficiently handle substantial traffic, recording 3.2 crore successful logins on July 31 alone
This surge in filings can be attributed to several factors:
The PHD Chamber of Commerce & Industry Expert has expressed concerns regarding implementation of new tax system following the budget 2023. They noted that 70% of the 7 crore returns filed for PY year were under new income tax regime. The main objective of this said change is to simplify tax processes & reduce compliance burden on taxpayers. This surge in filings can be attributed to several factors:
- Increased awareness and education about tax compliance.
- Efforts by the tax department to simplify the filing process.
- Enhanced digital infrastructure and support systems.
- Proactive measures taken by the government to encourage more individuals to file their returns.
This trend is a positive indicator of the expanding tax net and improved compliance among taxpayers, which is crucial for the nation’s economic growth and resource mobilization.
If you need specific information or assistance related to ITR filings or any recent updates, feel free to ask For query or help, contact: singh@carajput.com or call at 9555555480