High volume of ITR Filings on the deadline day FY 2023-24

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

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.

31st December Deadline

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