Income Tax Return: As people’s income increases in the country, people also come into the income tax slab. There are different tax slabs according to different incomes of people.
People have to file income tax returns according to those tax slabs. Now, giving an important update regarding income tax return, a special data has also been shared by the government. Let us know about it…
Income tax return
The Income Tax Department said that a record 7.85 crore Income Tax Returns (ITR) have been filed till October 31 for the assessment year 2023-24. The department said that the total number of income tax returns filed in 2023-24 till October 31, 2023 is 7.85 crore, which is the highest so far. Whereas the total number of ITRs filed in 2022-23 was 7.78 crore. In such a situation, more ITRs have been filed in this assessment year as compared to the previous assessment year.
For those taxpayers (not having any international or specified domestic transactions) in whose case audit of accounts was required, the due date for filing ITR (other than ITR 7) was 31 October. “The total number of ITRs filed till October 31, 2023 for assessment year 2023-24 is more than 7.65 crore, which is more than 7.65 crore for assessment year 2022-23 till November 7, 2023,” the Central Board of Direct Taxes (CBDT) said in the statement. This is 11.7 percent more than the 6.85 crore ITRs filed by 2022. Last year, November 7, 2022 was the due date for filing such ITR.”
So many ITRs have been verified
Out of 7.65 crore ITRs filed for assessment year 2023-24, more than 7.51 crore ITRs have already been verified. Of these verified ITRs, 7.19 crore have already been processed till October 31, 2023. In this way, approximately 96 percent of verified ITRs have been processed.
