News

Published: July 30, 2024
Updated: July 30, 2024

Record-Breaking 7 Crore Income Tax Returns Filed by Deadline Day

Filing Surge on Deadline Day

The Income Tax Department announced on Wednesday that over 7 crore income tax returns (ITRs) were filed by 7 p.m. on July 31, the deadline for individuals not required to have their accounts audited. Remarkably, more than 50 lakh ITRs were submitted on the final day alone, underscoring a significant last-minute rush.

Call for Prompt Filings

The department has urged taxpayers who have yet to file their returns for the financial year 2024 to do so promptly. To aid this process, the Income Tax Department’s helpdesk is available 24/7, providing continuous support for ITR filing and related services.

Social Media Outreach

In a statement shared on social media platform X (formerly Twitter), the department highlighted the impressive filing figures: "More than 7 crore ITRs have been filed so far as of July 31, with over 50 lakh ITRs filed today by 7 p.m. Our helpdesk is operational round the clock to assist with ITR filing and related services. We urge all taxpayers who haven't filed for AY 2024-25 to complete their filings."

Year-on-Year Comparison

Comparing this year's figures with last year's, the department noted that by July 31, 2023, over 6.77 crore ITRs had been filed, with 64.33 lakh submissions made on the deadline day. This year’s numbers show a marked increase in compliance and timely submissions.

Insights from the Revenue Secretary

Revenue Secretary Sanjay Malhotra reported on Tuesday that approximately 6 crore ITRs were filed for income earned in the 2023-24 fiscal year. He noted that 70% of these returns were submitted under the new simplified tax regime, which offers lower tax rates. Malhotra emphasized that the new regime aims to simplify the tax process and reduce compliance burdens. He also mentioned that a comprehensive review of tax laws is underway, with a draft expected to be released for public suggestions.

The record-breaking number of ITR filings this year highlights a significant increase in taxpayer compliance and the effectiveness of the simplified tax regime. The Income Tax Department's continuous support and proactive outreach have played a crucial role in achieving this milestone. Taxpayers who have not yet filed their returns are encouraged to do so promptly to avoid any penalties or issues.