Wednesday, November 29, 2023

ITR filers broke their record! making a record 12 days in advance this time

If you have filed an ITR this year or are about to do so, this news will be helpful to you. Yes, following the record number of ITRs filed last year, more people are filing income tax returns this year than last. The Income Tax Department informed the public on Tuesday that up until June 26 of this year, more than one crore ITR had been submitted. This number is significantly greater than it was last year, according to the department.


Account audits are not necessary.

The deadline for submitting tax returns for income earned in the financial year 2022–2023 is July 31 for salaried taxpayers and taxpayers who do not need to have their accounts audited. The goal of filing one crore ITRs was met 12 days sooner this year than it was during the same time last year, according to a tweet from the Income Tax Department. According to the government, more than one crore ITRs had been submitted this year as of June 26 compared to one crore ITR submitted up until July 8 of the previous year.


Tax-free income up to Rs 7 lakh

To prevent the last-minute rush, the Income Tax Department advised taxpayers to submit their ITR early. You may file income tax returns under both the Old Tax Regime and the New Tax Regime, let us inform you. Up to Rs 7 lakh of income is tax-free under the new tax system. In contrast, under the previous tax system, income up to Rs. 5 lakh was tax-free. You are excluded from paying income tax in many parts under this.

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