Introduction: The Ministry of Finance, in collaboration with the Income Tax Department, has witnessed an unprecedented surge in Income Tax Returns (ITRs) filing by taxpayers. A remarkable 7.85 crore ITRs were filed for all assessment years by the deadline of 31st October 2023. This article delves into the detailed analysis of this monumental achievement, highlighting the filing trends, verification rates, and the support provided to taxpayers during this period.
Record-Breaking ITR Filings: On the deadline day of 31st October 2023, the Income Tax Department celebrated a historic milestone as more than 7.85 crore ITRs were filed. This impressive figure set a new record compared to the 7.78 crore ITRs filed in the previous fiscal year (FY 2022-23).
AY 2023-24 Filings: A noteworthy aspect was the filing of over 7.65 crore ITRs for the assessment year (AY) 2023-24 by the same date. This marked an impressive 11.7% increase when compared to the 6.85 crore ITRs filed for AY 2022-23 until 7th November 2022, which was the previous year’s due date.
Swift Verification and Processing: Among the 7.65 crore ITRs filed for AY 2023-24, more than 7.51 crore were swiftly verified. Moreover, out of the verified ITRs, an astounding 96% had been processed by 31st October 2023, showcasing the efficiency of the system.
Statutory Form Filings: In addition to ITRs, 31st October 2023 was also the deadline for the submission of important statutory forms such as Form 10B, 10BB, and Form 3CEB, with over 1.44 crore forms submitted, reflecting the compliance efforts of taxpayers.
Seamless Filing Experience: During the peak filing days, the e-filing portal of the Income Tax Department efficiently managed the heavy traffic, ensuring a smooth experience for both taxpayers and tax professionals. This received widespread appreciation on various social media platforms.
Helpdesk Support: The Income Tax Department’s helpdesk team actively provided support through various channels, including inbound calls, outbound calls, live chats, Webex, and co-browsing sessions. They also resolved queries received through the Department’s Twitter handle in near real-time.
Educational Initiatives: To assist taxpayers and tax professionals, eight webinars were conducted on topics such as filing auditable forms, DSC registration, and form 10B/10BB filing. Educational videos were also made available on the e-filing portal.
Conclusion: The Ministry of Finance and the Income Tax Department extend their gratitude to taxpayers and tax professionals for their commitment to compliance. While celebrating this record-breaking achievement, they urge those who are yet to file their Forms and ITRs to do so promptly. Timely tax-related compliances remain a crucial aspect of the nation’s financial ecosystem, and the Department continues to support taxpayers in their efforts.
Ministry of Finance
Record 7.85 crore ITRs filed for all assessment years up to 31st October, 2023
Over 7.65 crore ITRs filed for AY 2023-24 till 31st October, 2023; 11.7% higher Y-o-Y
More than 7.51 crore ITRs verified and almost 96% of the verified ITRs stand processed till 31st October 2023
Over 1.44 crore statutory forms filed up to 31st October, 2023
Posted On: 01 NOV 2023
The Income Tax Department registered a record number of filing of Income Tax Returns (ITRs) till 31st October, 2023, which was the due date for filing of ITRs (other than ITR 7) for taxpayers not having any international or specified domestic transaction, in whose case books of account were required to be audited.
More than 7.65 crore ITRs were filed for AY 2023-24 till 31st October, 2023, which is 11.7% higher as compared to the 6.85 crore ITRs filed for AY 2022-23 till 7th November, 2022, the due date for filing such ITRs in the preceding year. Further, total number of ITRs filed in FY 2023-24 for all assessment years up to 31st October, 2023 stands at 7.85 crore, an all-time high when compared to a total of 7.78 crore ITRs filed in FY 2022-23.
Out of the 7.65 crore ITRs filed for AY 23-24, more than 7.51 crore ITRs have already been verified. Further, out of the 7.51 crore verified ITRs, 7.19 crore have already been processed till 31st October 2023 i.e. almost 96% of the verified ITRs stand processed.
31st October, 2023 was also the due date for filing of some crucial statutory forms like Form 10B, 10BB and Form 3CEB. More than 1.44 crore of various types of statutory forms filed upto 31st October, 2023.
During the peak filing days the e-filing portal successfully handled the traffic providing a seamless experience to the taxpayers and tax professionals for filing of Forms and ITRs. This was widely appreciated by the taxpayers and professionals on various platforms including Social Media.
The support from the helpdesk was provided to taxpayers through inbound calls, outbound calls, live chats, Webex and co-browsing sessions. The helpdesk team also supported resolution of queries received on the Twitter handle of the Department through Online Response Management (ORM), by proactively reaching out to the taxpayers/stakeholders and assisting them for different issues on near real-time basis.
Eight webinars related to filing of auditable & time barring forms, filing of ITR-3/5/6, DSC registration, form 10B/10BB filing, etc. were conducted to guide the taxpayers and tax professionals. Educational videos pertaining to the same were also uploaded on the e-filing portal.
The IT Department expresses its gratitude to all the taxpayers and tax professionals for their support in compliances and requests the attention of taxpayers who are yet to file the Forms and ITRs, to file them. The Department urges all taxpayers and tax professionals to continue to make tax related compliances in time.