In a groundbreaking development for India’s fiscal landscape, the Income Tax Department has reported an unprecedented number of Income Tax Returns (ITRs) filings for the Assessment Year (AY) 2023-24. Surpassing the 8 crore mark, this achievement marks a first in the nation’s tax filing history.
This milestone represents a significant increase from the previous year’s filings. For AY 2022-23, the total number of ITRs filed was 7,51,60,817, indicating a substantial growth in compliance and participation in the nation’s tax system.
The Income Tax Department expressed its gratitude to taxpayers for this achievement, highlighting the increased engagement and compliance of the public with tax regulations. This surge in filings is a positive indicator of the growing economic participation and the effectiveness of measures implemented to simplify the tax filing process.
The department has also issued a reminder and a warning for taxpayers who missed the July 31 deadline to file their ITRs for the financial year 2022-23. Emphasizing the importance of adhering to tax deadlines, the department noted that December 31, 2023, serves as the last opportunity for taxpayers to file a belated or revised ITR for the financial year 2022-23.
This record-breaking number of filings reflects not only the efficiency of the department’s systems but also the increasing awareness and responsibility among taxpayers towards their fiscal duties. The trend is a positive sign for the country’s economic health, indicating a robust and participative tax base.
With this landmark achievement, the Income Tax Department continues to encourage timely compliance and is committed to providing support and resources to facilitate the process for taxpayers.