India Advocacy

India has witnessed an unprecedented surge in income tax return (ITR) filings, with a record-breaking 76.5 million ITRs filed for the assessment year 2023-24 (FY23). This marks a remarkable 11.7% increase compared to the 68.5 million returns filed for the assessment year 2022-23 (FY22) by the respective due date of October 31. The tax department disclosed these impressive figures, highlighting the nation’s commitment to tax compliance.

All-Time High ITR Filings: The total number of ITRs filed during this fiscal year across all assessment years reached a staggering 78.5 million, setting yet another all-time high record. In the preceding fiscal year 2022-23, approximately 77.8 million ITRs were filed, emphasizing the consistent growth in tax compliance.

Efficient E-Filing Portal: During the peak filing days, the e-filing portal successfully managed the heavy traffic, ensuring a seamless experience for taxpayers and tax professionals. This robust online platform played a pivotal role in accommodating the surge in ITR submissions.

Exceptional Support and Assistance: The tax department went the extra mile in assisting taxpayers through various channels. Their helpdesk provided support through inbound calls, outbound calls, live chats, Webex sessions, and co-browsing sessions. Furthermore, the department proactively resolved queries received via their Twitter handle through Online Response Management (ORM). This real-time assistance helped taxpayers and stakeholders navigate various tax-related issues.

Conclusion: The surge in ITR filings in India, with a record 76.5 million returns for the assessment year 2023-24, underscores the nation’s dedication to tax compliance. The efficient e-filing portal and exceptional support from the tax department have played a significant role in this achievement, ensuring a seamless and hassle-free experience for taxpayers and tax professionals. This record-breaking trend in ITR submissions is indicative of India’s commitment to fiscal responsibility and transparency.