Tax filings for the assessment year (AY) 2023-24 have hit a record high, exceeding 67.7 million. This figure represents a 16.1 per cent increase compared to the total tax returns filed during the previous assessment year, according to an announcement by the revenue department on Tuesday.
For AY23, the department received 58.3 million returns. It emphasised that the 5.37 million income-tax returns (ITRs) received from new taxpayers signify a “widening of the tax base.”
On 31 July, the final day for filing, the number of ITRs peaked with over 6.433 million ITRs submitted in a single day, the I-T department reported.
According to the department, various campaigns on social media, coupled with targeted email and SMS initiatives, aided taxpayers in submitting their returns punctually. “These concerted efforts led to encouraging results, with taxpayers filing their ITRs for AY24 considerably earlier compared to the same period in the preceding year,” the department noted.
It further stated that a significant number of taxpayers conscientiously compared data on their financial transactions by viewing their Annual Information Statement (AIS) and Taxpayer Information Summary (TIS).
To further facilitate compliance, a substantial portion of the data for ITR-1, 2, 3, and 4 was pre-filled with information related to salary, interest, dividends, personal details, tax payments, including TDS-related information, brought forward losses, and MAT credit. The department noted that taxpayers extensively utilised this facility, resulting in smoother and faster ITR filing.
Out of the total 67.7 million ITRs filed, 49.18 per cent were ITR-1 (33.3 million), 11.97 per cent were ITR-2 (8.11 million), 11.13 per cent were ITR-3 (7.54 million), 26.77 per cent were ITR-4 (18.1 million), and 0.94 per cent were ITR-5 to 7 (0.64 million).
Highlighting the role of e-verification via Aadhaar OTP, the department reported that 56.3 million returns have been e-verified, with over 52.7 million utilising Aadhaar-based OTP (94 per cent). “Out of the e-verified ITRs, more than 34.4 million ITRs for AY24 were processed (61 per cent) by 31 July,” the department concluded.