Revenue Secretary Sanjay Malhotra announced a significant milestone for the income tax department at the 165th Income Tax Day celebration on Wednesday. In a remarkable feat of digitisation, the department has processed nearly 4 crore income tax returns (ITRs) for Assessment Year (AY) 2024-25 in just 15 days.
Sanjay Malhotra highlighted that, out of the 7.28 crore ITRs filed by July 31, 2024, approximately 4.98 crore have been processed, with intimations sent to taxpayers. Notably, 3.92 crore of these ITRs were processed in under 15 days, showcasing the department’s efficiency in handling the increased workload.
"We have made significant strides in digitisation," he said, emphasizing the rapid processing of returns. He also noted the impressive growth in direct tax revenues over the past decade, which have surged from Rs 5.59 lakh crore to Rs 20 lakh crore. Additionally, the tax-to-GDP ratio has risen to 6% from 5.6%, reflecting a positive trend in tax collection and economic growth.
This swift processing of returns is a testament to the income tax department's commitment to improving taxpayer services and leveraging technology for enhanced operational efficiency.
CAclubindia
