Record High: 6.8 Crore Income Tax Returns Filed by July 31 Deadline, Indicates Widening Tax Base

The Central Board of Direct Taxes (CBDT) reported a significant surge in income tax returns (ITRs) filed by salaried individuals and non-audit cases, reaching nearly 6.8 crore by the July 31 deadline, a remarkable increase of 16.1% or 94 lakh returns. 

An expanding tax base is reflected in the fact that 53.75 million of these returns came from first-time assesses. The Central Board of Direct Taxes (CBDT) has commended taxpayers and tax professionals for their prompt compliance, revealing that over 3.4 billion returns have been processed and 85 percent of returns have been verified electronically.

The I-T division has admitted that the social media marketing, targeted emails, and SMS it used to promote early ITR filing for assessment year 2023-24 (FY 2022-23) were successful. On the final day, nearly 10% of returns were filed (or 64 lakh). 

Many taxpayers took advantage of the streamlined filing process for ITRs 1, 2, 3, and 4 made possible by the yearly information statement and the taxpayer information summary, which prefilled necessary data.

Those who have not yet submitted their tax returns were asked by the CBDT to do so as soon as possible. If you submitted your taxes on time and want to avoid late payment costs, the board recommends double checking your return within 30 days.

The increase in ITR filings, especially by first-time assesses, reflects a positive trend in tax compliance and a potentially broader tax base. The I-T department's efforts to simplify the filing process and provide prefilled data have evidently eased the burden for taxpayers. As the tax department continues to promote early filing and enhance taxpayer convenience, it aims to build on the success of this year's filing season.

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