The Central Board of Direct Taxes (CBDT) has reported a significant surge in tax return filings for Assessment Year 2024-25, with over 800,000 returns already submitted since April 1, 2024. As per CBDT data, approximately 829,000 income tax returns have been filed by May 5, with eligible taxpayers seizing the opportunity to beat the last-minute rush.
Of these filings, a substantial 750,000 returns have been duly verified by taxpayers, while 510,000 have already undergone processing by the department. This early momentum underscores taxpayers' proactive approach in meeting their filing obligations.
To facilitate the filing process for Assessment Year 2024-25, the CBDT made key functionalities available on the e-filing portal from April 1. This included the provision of commonly used forms such as ITR-1, ITR-2, ITR-4, and for companies, ITR-6.
Experts note that taxpayers, especially those not reliant on tax deducted at source (TDS) certificates or subject to audits, have begun filing their returns promptly. With the filing season well underway, an upward trend in filings is anticipated in the coming weeks.
However, a significant portion of taxpayers may opt to file closer to the June deadline, awaiting TDS certificates from employers and banks. Despite the current filings, the figures represent only a fraction of the 8.18 crore returns filed for Assessment Year 2023-24 by December 31, 2023. In the previous assessment year, 75.1 million returns were filed by December 31, 2022.
The CBDT's efforts to enhance taxpayer compliance and timely filing aim to mitigate last-minute rushes and alleviate the strain on the IT portal, often plagued by filing snags. These proactive measures not only encourage early filing but also contribute to a smoother tax filing experience for all stakeholders.
As the tax filing season progresses, taxpayers are encouraged to expedite their filings to avoid potential bottlenecks and ensure timely compliance with regulatory requirements.
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