Income tax filings reach a record high of 8.18 crore by December 31st

Income tax filings have surged to a new pinnacle, with a staggering 8.18 crore Income-tax Returns (ITRs) filed for the Assessment Year 2023-2024 by December 31 of the previous year, marking a notable increase from the 7.51 crore ITRs filed by the same time in 2022.

According to a recent release by the Ministry of Finance, this surge represents a significant uptick of 9% in comparison to the total ITRs filed for the previous Assessment Year 2022-23. Additionally, during this period, a substantial 1.60 crore audit reports and other forms were filed, showcasing an increase from the 1.43 crore filings during the corresponding time in the previous year.

The Ministry observed a commendable trend among taxpayers who diligently cross-referenced their financial transactions by accessing their Annual Information Statement (AIS) and Taxpayer Information Summary (TIS), reflecting a heightened sense of responsibility and awareness among taxpayers.

Acknowledging the complexities of tax filing, the government introduced user-friendly initiatives to simplify the process. Prefilled data, encompassing various financial aspects such as salary, interest, dividends, tax payments, and more, significantly facilitated smoother and faster ITR filings.

The launch of the TIN 2.0 digital e-pay tax payment platform, which replaced the OLTAS payment system, offered enhanced payment options including Internet Banking, NEFT/RTGS, OTC, Debit Card, payment gateway, and UPI. This platform ensured real-time crediting of taxes, streamlining the ITR filing process for taxpayers.

To motivate early filings, the government conducted over 103.5 crore outreach initiatives through targeted emails, SMS, and creative campaigns, resulting in the 9 percent increase in ITR filings for the A.Y. 2023-24 by December 31, 2023.

Moreover, the e-filing Helpdesk adeptly managed approximately 27.37 lakh taxpayer queries through various channels such as inbound and outbound calls, live chats, WebEx, and co-browsing sessions, providing proactive support during peak filing periods.

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