The move by the Income Tax Department of India to allow tax payers file their Income Tax Returns (ITRs) for Assessment year 2024-25 from April 1, 2024 which is the first day of the new financial year is a major step forward in facilitating compliance and enhancing taxpayer services. Also Read: Functionalities to file commonly used ITRs enabled by CBDT on 1st April, 2024
This announcement by the Central Board of Direct Taxes (CBDT) is significant that it encourages individuals and companies to start filing taxes for the previous year, 2023-24. Immediately, through e-filing portal taxpayers can access and use popular forms like ITR -1, ITR -2, ITR -4 (Sugam) and ITR -6 for companies to submit their income tax returns. This proactive approach by Income Tax department shows how serious it is about simplifying its procedures and providing taxpayers across India with seamless services. The department’s early filing initiative does not only foster compliance but it also expedites refund processing which has been increasingly faster lately.
As per the recent information supplied by CBDT, more than 23,000 ITRs for the assessment year 2024-25 have already been submitted in the first few days of its portals availability indicating that tax payers want to meet their obligations quickly and efficiently. This will also encourage higher levels of tax consciousness among individuals as well as entities since it is consistent with the growing trend seen nowadays quick tax compliance and possible refund process. This active approach not only benefits the tax payers but also contributes to a better functioning and openness of tax administration in the country.
Digitalization has transformed filing income taxes into an easier step enabling taxpayers to make it from anywhere they are especially young people in remote areas. Because of exposure available commonly today and internet accessibility, all corners of this nation can now file returns without any hitches at all. Consequently, digital platforms are now popularly being sought after leading to a significant rise in e-filings within just a few days after the beginning of the window for filing showing how taxpayers’ desire is becoming promptness and efficiency with their obligations. The ease of filing through digital means signifies a significant advancement in ensuring taxpayer convenience and participation in the tax compliance process.
Additionally the e-filing portal will also offer ITR 3, 5 and 7 which will be another addition to our services as thereby ensuring all taxpayers can fulfill their filing obligations without any difficulties at all. This step of starting online income tax filing from the very beginning of financial year is a major move towards the betterment of convenience for the tax payer ultimately leading to prompt compliance and streamlining tax filing system. Thereby it is clear that Income Tax Department reaffirms its commitment to effective, user-friendly and transparent taxpayer oriented services for Indians by implementing this policy.
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