According to the recent reports by the Central board of Direct Taxes ( CBDT ), Rs. 3.08 lakh crore income tax refund was issued between 1st April 2024 to 27th November 2024. Compared to the preceding year, a surge of 46.31% was witnessed in the current financial year.
With regards to the income tax return filing, July 31st witnessed the highest filing of 69.93 lakh ITRs. As per the report, 8.50 crores ITRs filed by 22nd November 2024, which is 7.32% higher than the corresponding period of previous year.
A maximum of 917 ITRs were filed in a second. Thus, it shows the efficiency of the income tax portal. Per minute, 9367 ITRs were filed and a maximum of 5.07 lakh ITRs filed in an hour. Additionally, about 98.35% of ITRs filed till 22.11.2024 have been e-verified.
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The Income Tax Department has taken several steps to improve the wider use and analysis of data by releasing Income Tax Return ( ITR ) statistics for different categories of taxpayers for Assessment Years ( AY ) 2022-23 and 2023-24.
To assist taxpayers, an awareness campaign was launched to ensure accurate completion of Schedule Foreign Assets (Schedule FA) and reporting of income from foreign sources (Schedule FSI) in their ITRs.
In addition, validation mechanisms were introduced at the upload stage of ITRs, encouraging taxpayers to review and correct possible inconsistencies before filing. This initiative has reduced the filing of revised returns, rectification requests, and grievances.
The ITR forms for AY 2024-25, along with all associated functionalities, were made available on the e-filing portal starting April 1, 2024.
To enhance user engagement, over 76 crore emails and SMSs were sent as part of an e-campaign promoting the use of the Electronic Verification Code ( EVC ) for ITR verification. This resulted in an impressive 96% of ITR filers adopting the EVC mode in AY 2024-25.
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