7.85cr ITRs filed till October 31, highest ever in India
The filing of Income Tax Returns (ITR) has reached a record-breaking milestone in 2023, with 7.85 crore filings documented by October 31 in FY23-24. This significant surge in tax compliance highlights the expanding number of taxpayers in India. The most recent data emphasizes the effectiveness of the government's initiatives to simplify the tax filing process and motivate more citizens to submit their returns.
11.7% increase in ITRs for AY 2023-24
The total number of ITRs filed for Assessment Year (AY) 2023-24 exceeded 7.65 crore, marking an impressive 11.7% increase compared to the total number of ITRs filed for AY 2022-23. In the prior assessment year, 6.85 crore ITRs were filed by November 7, 2022.
Government initiatives and simplified processes contribute to record ITR filings
The unprecedented number of ITR filings can be credited to various government initiatives focused on streamlining the tax filing process and raising consciousness about the significance of tax compliance. These actions have facilitated the filing process for taxpayers, leading to a higher number of submissions and enhanced tax compliance throughout the country. The latest data underlines the positive influence of these endeavors on India's tax landscape.
