A record 8.18 crore Income-tax Returns (ITRs) have been filed for the assessment year (AY) 2023-2024 until December 31, 2023, surpassing the 7.51 crore ITRs filed during the same period in the preceding year. This marks a 9% increase compared to the total number of ITRs filed for AY 2022-23, as reported by the Income Tax Department on Monday.
The total number of audit reports and other forms filed during this period is 1.60 crore, compared to 1.43 crore audit reports and forms filed in the corresponding period of the previous year, according to a statement issued by the I-T Department.
It is heartening to note that a significant number of taxpayers conducted due diligence by comparing data of their financial transactions through their annual information statement (AIS) and taxpayer information summary (TIS). A substantial portion of data for all ITRs was prefilled with details related to salary, interest, dividend, personal information, tax payments including TDS-related information, brought forward losses, MAT credit, etc. This prefilled data significantly eased compliance for taxpayers, resulting in a smoother and faster filing of ITRs, as stated in the release.
Furthermore, during the financial year 2023-2024, a digital e-pay tax payment platform – TIN 2.0 – became fully operational on the e-filing portal, replacing the OLTAS payment system. This upgrade provided user-friendly options for e-payment of taxes, including internet banking, NEFT/RTGS, OTC, debit card, payment gateway, and UPI. The TIN 2.0 platform facilitated real-time crediting of taxes to taxpayers, contributing to the ease and speed of the ITR filing process, as highlighted in the statement.