Goods and Services Tax More than 8 lakhs ITR (income tax returns) for AY 24–25 have been filed so far.

More than 8 lakhs ITR (income tax returns) for AY 24–25 have been filed so far.

More than 8 lakhs ITR (income tax returns) for AY 24–25 have been filed so far.

More than 8 lakhs ITR (income tax returns) for AY 24–25 have been filed so far.

The fact that over 829,000 Income Tax Returns (ITRs) have already been filed for Assessment Year 2024-25 indicates a proactive approach among taxpayers to fulfill their obligations in a timely manner. This early filing trend could be attributed to several factors, such as increased awareness about tax compliance, improved digital infrastructure facilitating smoother filing processes, and perhaps even changes in tax policies or deadlines. It's a positive sign of taxpayer engagement and adherence to fiscal responsibilities.

When is the deadline for ITR filings? The deadline for reporting ITRs for the 2023–24 Financial Year (AY 2024–25) is July 31, 2024. Even so, you have until December 31, 2024, to file a delayed return if you fail to file by the deadline.However, if you miss this deadline, you still have the option to file a delayed return by December 31, 2024. It's crucial to adhere to these deadlines to avoid penalties and ensure compliance with tax regulations.

The Central Board of Direct Taxes enabling functionalities for commonly used income tax returns from April 1 this year has proven beneficial, as evidenced by the substantial number of filings for Assessment Year 2024-25. With over 829,000 income tax returns already submitted by May 5, eligible taxpayers are taking advantage of the opportunity to avoid last-minute rush.

The Central Board of Direct Taxes took proactive measures by making ITR-1, ITR-2, and ITR-4 available on the e-filing portal from April 1 to assist taxpayers in filing their income returns for Assessment Year 2024-25. Additionally, starting April 1, companies could file their income tax returns via ITR-6.

The data from CBDT revealing that nearly 829,000 income tax returns have been filed for AY 24-25, with 750,000 already verified by taxpayers and 510,000 processed by the department, showcases an efficient and timely response from both taxpayers and tax authorities. This early engagement streamlines the filing process, ensuring smoother operations and timely compliance with tax regulations.

To enhance compliance among taxpayers, the CBDT is actively working to encourage timely filing and avoid last-minute rush. There have been calls for an extension of the deadline to accommodate taxpayers facing obstacles in return filing, and efforts are being made to address issues on the IT portal to facilitate smoother filing experiences for users.

Disclaimer: The content of this post isn't considered to be professional or legal advice, We aren't responsible for any damages arising from your access to the location content & must not be relied on or used as a substitute for legal advice from a lawyer professional in your jurisdiction. CARajput is among India's big digital compliance services platform which committed to helping people have started & developed their businesses. We had started with the goal of creating it easier for start-ups to start out their business. Our main aim is to assist the businessman with applicable laws & regulations compliance and providing support at each & every level to make sure the business stays compliant and growing continuously. For any query, help or feedback you may in touch on singh@carajput.com or Call or what’s-up on 9-555-555-480

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