People in the nation enter the income tax bracket as their income rises. Various tax slabs are available based on an individual’s income. Individuals are required to file income tax returns based on certain tax slabs. Now, the government has also released special statistics, providing an essential update on income tax returns.
Income tax assessment
According to the Income Tax Department, a record 7.85 crore ITR for the assessment year 2023–24 had been filed as of October 31. According to the agency, 7.85 crore income tax returns were filed between October 31, 2023, and January 1, 2023—the biggest number to date. In contrast, 7.78 crore ITRs were filed in 2022–2023. In light of this, this assessment year has seen a higher number of ITR filings than the year before.
ITR
October 31 was the deadline for reporting ITRs (except from ITR 7) for taxpayers without any stated domestic or foreign transactions for which an audit of accounts was necessary. The Central Board of Direct Taxes (CBDT) released a statement that stated, “The total number of ITRs filed until October 31, 2023, for the assessment year 2023-24 is more than 7.65 crore, which is more than 7.65 crore for the assessment year 2022-23 till November 7, 2023.” Comparing this to the 6.85 crore ITRs filed by 2022, there is an 11.7% increase. November 7, 2022, was the deadline for submitting an ITR of this kind last year.
There are a tonne of validated ITRs.
Over 7.51 crore of the 7.65 crore ITRs submitted for the assessment year 2023–24 have already undergone verification. Up till October 31, 2023, 7.19 crore of these certified ITRs have already been processed. Roughly 96% of validated ITRs have been processed in this manner.
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