The Income Tax department has said that more than 7 crore Income Tax Returns (ITR) were filed till July 31. Of this number, as many as 50 lakh, or more than 7% were filed till 7 pm on the last day of the filing deadline.
“To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on a 24X7 basis, and we are providing support through calls, live chats, WebEx sessions & Twitter/X,” wrote the Income Tax Department in its social media handle X @IncomeTaxIndia.
More ITRs than last year
While the number seems to be higher than the number reported on July 31, 2023, the last day of filing of Income Tax Returns last year, the department has not quantified the rise this year so far.
According to reports, at the end of July 31, 2023, the total number of ITRs for AY 2023-24 (FY23) was more than 6.77 crore. The number of ITRs filed on the last day stood at 64.33.
“About 6 crore filed for last year and 70 per cent is under the new income tax regime. The whole move has been towards simplicity with the ultimate purpose being to reduce the compliance burden,” revenue secretary of India, Sanjay Malhotra, had said last year.
Most switched to the new regime
This year (AY24-25), the government had declared that the new tax regime is going to be the default regime and if anyone wanted to file tax returns according to the old regime, he/she needed to indicate that choice. Else, the taxpayer would be automatically guided to the new regime, which entailed lower rates.
“Our experience shows that most taxpayers filed returns according to the new regime this year. The rates were lower for most of them,” said Himadri Mukhopadhyay, secretary Income Tax Bar Association Calcutta.
Pay fine with belated ITR
Also one has to file belated ITRs in the new tax regime from August 1.
Moreover, one has to pay a fine of Rs 1,000 with a belated ITR if the income is below Rs 5 lakh per annum. For income above Rs 5 lakh, the fine will be Rs 5,000.
The government of India has reported buoyancy in direct taxes over the past one year. There has been a rise in the number of ITRs being filed in recent years. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
