The Income Tax Department has shared an important update about the processing of Income Tax Returns (ITRs) for the assessment year 2024-25, noting several significant milestones and statistics. A record-breaking 7.28 crore ITRs were filed as of July 31, marking a 7.5% increase from the previous year. This surge reflects both growing taxpayer compliance and the effectiveness of the department's initiatives.
Of the total ITRs filed, over 6.21 crore have been e-verified, with more than 5.81 crore of these verifications completed through Aadhaar-based OTP, highlighting the ease and efficiency of the electronic verification process. Furthermore, the department has successfully processed more than 2.69 crore e-verified ITRs, which accounts for 43.34% of the e-verified returns filed for the assessment year 2024-25, by the July 31 deadline.
The department also noted a significant shift in taxpayer preferences, with an increasing number opting for the New Tax Regime. A total of 5.27 crore ITRs were filed under the New Tax Regime, compared to 2.01 crore under the Old Tax Regime. This indicates a growing acceptance and adoption of the new tax structure among taxpayers. The New Tax Regime offers simplified tax slabs and reduced exemptions, which many taxpayers find easier to navigate compared to the traditional Old Tax Regime.
Additionally, the department reported a substantial number of first-time filers, with 58.57 lakh new ITRs submitted by July 31, 2024. This influx of new filers can be attributed to the proactive measures taken by the department, including the introduction of ITR forms on the first day of the financial year and extensive educational campaigns aimed at increasing awareness and compliance among taxpayers. These campaigns included workshops, online tutorials, and collaboration with tax professionals to help educate the public about the importance of timely and accurate tax filing.
The department's helpdesk has played a crucial role in supporting taxpayers, effectively handling over 10.64 lakh queries and providing timely assistance. This responsive support system has likely contributed to the increased filing and verification rates. The helpdesk operates through multiple channels, including phone support, email assistance, and live chat, ensuring that taxpayers can easily access help when needed.
The Income Tax Department has also enhanced its online portal, making it more user-friendly and equipped with features that guide users through the filing process. Improvements in the portal's interface and functionality have significantly reduced the time required to file returns and have minimized errors.
In a message to taxpayers who missed the July 31 deadline, the Income Tax Department urged them to file their returns as soon as possible to avoid penalties. Late filers may incur penalties and interest on the outstanding tax amount, and the department has stressed the importance of compliance to avoid these additional costs. The department continues to encourage taxpayers to use digital platforms for filing and verification, which are not only faster but also more secure.
The department’s continuous efforts to streamline the filing process and provide robust support have clearly paid off, resulting in record-breaking numbers and improved taxpayer engagement. The comprehensive approach of combining technology, education, and support services has established a more transparent and efficient tax administration system.
Overall, the Income Tax Department's achievements in processing and managing ITRs for the assessment year 2024-25 demonstrate its commitment to facilitating a smooth and efficient tax filing experience for all taxpayers. The record-breaking numbers reflect the department's success in enhancing compliance and making the tax filing process more accessible and straightforward. As the department continues to innovate and improve its services, taxpayers can look forward to an even more streamlined experience in the future.
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