ITR filings set new record, over 7.85 crore Income Tax Returns filed till October 31
PTC News Desk: The Income Tax Department appreciated taxpayers and tax professionals for their prompt compliance, which resulted in a record number of Income Tax Returns (ITRs) being filed until October 31, 2023, according to a press release by Central Board of Direct Taxes (CBDT).
According to the official release, the due date for filing ITRs (other than ITR-7) for taxpayers with no international or specified domestic transactions, whose books of account were required to be audited, was October 31.
According to the official statement, the total number of ITRs for Assessment Year (AY) 2023-24 filed until October 31, 2023, is more than 7.65 crore, which is 11.7% higher than the total number of ITRs for AY 2022-23 filed until November 7, 2022, which was the due date for filing such ITRs the previous year.
Furthermore, the total number of ITRs filed in Fiscal Year (FY) 2023-24 for all assessment years up to October 31, 2023, is 7.85 crore, an all-time high when compared to the total number of ITRs filed in FY 2022-23 of 7.78 crore, according to the official statement.
According to the press release, more than 7.51 crore ITRs have already been verified out of the 7.65 crore ITRs filed for AY 2023-24. Furthermore, 7.19 crore of the 7.51 crore verified ITRs have already been processed as of October 31, 2023, implying that nearly 96% of the verified ITRs have been processed.
According to a CBDT press release, the deadline for filing some important statutory forms such as Form 10B, 10BB, and 3CEB was October 31, 2023.