Introduction:
In a remarkable feat, the Central Board of Direct Taxes (CBDT) achieved a historic milestone with an astounding 8.18 crore Income Tax Returns (ITRs) filed for the Assessment Year 2023-2024 by December 31, 2023. This noteworthy achievement, marking a 9% increase compared to the previous year, stands testament to the dedication of taxpayers and tax professionals in ensuring timely compliance.
Notable Increase:
The surge in ITR filings is evident, with 8.18 crore ITRs filed up to December 31, 2023, compared to 7.51 crore filed during the same period in the previous year. This represents a significant 9% increase, surpassing the total ITRs filed for the Assessment Year 2022-2023.
Audit Reports and Forms:
During this period, 1.60 crore audit reports and other forms were filed, reflecting a notable increase from the preceding year’s 1.43 crore. The commitment to compliance is further highlighted by the conscientious comparison of financial transactions through the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) by a large number of taxpayers.
Facilitating Compliance:
To streamline the filing process, a considerable amount of data for all ITRs was prefilled with information related to salary, interest, dividend, personal details, tax payments, including TDS information, brought forward losses, MAT credit, etc. The introduction and extensive use of the AIS facility played a pivotal role in ensuring smoother and faster ITR filings.
Digital Transformation:
In the fiscal year 2023-2024, the introduction of the TIN 2.0 digital e-pay tax payment platform, replacing the OLTAS system, marked a significant leap in digital transformation. This platform provided user-friendly options for e-payment of taxes, including Internet Banking NEFT/RTGS, OTC, Debit Card, payment gateway, and UP. The real-time crediting of taxes to taxpayers further accelerated the ITR filing process.
Encouraging Early Filing:
A concerted effort was made to encourage taxpayers to file their ITRs and Forms early, with over 103.5 crore outreaches through targeted e-mails, SMS, and creative campaigns. These efforts yielded positive results, as evident from the substantial increase in early filings.
E-filing Helpdesk Support:
The e-filing helpdesk team played a crucial role, handling approximately 27.37 lakh queries from taxpayers up to December 31, 2023. Proactively supporting taxpayers during peak filing periods, the helpdesk utilized various channels such as inbound calls, outbound calls, live chats, WebEx, and co-browsing sessions.
Conclusion:
The record-breaking achievement of 8.18 crore ITRs for the Assessment Year 2023-2024 showcases the collaborative efforts of taxpayers, tax professionals, and the Income Tax Department. This success story reflects not only the commitment to compliance but also the effective utilization of digital platforms to enhance the ease and efficiency of the filing process. As the Department expresses gratitude, taxpayers are urged to verify unverified ITRs within 30 days, further emphasizing the importance of timely compliance.
