7.24 million tax returns filed in one day, a record: CBDT

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The Income Tax Department received about 58.3 million income tax returns (ITRs), largely from salaried and individual taxpayers, as of July 31, officials said Monday. The latest numbers are roughly the same as the previous fiscal year (2020-21).

As of July 31, 7.24 million RTIs had been deposited, shattering all previous single-day records (the maximum being 4.9 million in 2019).

In the month alone, more than 51.3 million RTIs were filed, the Central Commission for Direct Taxes (CBDT) said on Monday.

The initial pace of e-filing has been relatively much slower, with the first 10 million RTIs for tax year 2022-23 (AY 2022-23) not being deposited until July 7.

However, it increased slightly, with around 24.8 million RTIs deposited as of July 22, according to official data.

“With the announcement by the government that there would be no extension of the due date, there has been an increase in the filing of ITRs. As of July 25, 30 million RTI had been deposited, the direct tax agency said.

A large number of taxpayers have done their due diligence comparing their income data by looking at their Annual Information Statement (AIS) and their Taxpayer Information Summary (TIS).

A high usage rate of AIS/TIS data resulted in more than 50.3 million taxpayers viewing/downloading their AIS, he noted.

This year, much of the RTI-1 data was already pre-populated with salary, interest and dividend income, making compliance easier for taxpayers.

Read also: ITR Filing AY 2022-23: What if you miss the ITR?

For ITRs 2, 3 and 4, in addition to this data, property details for rental income, loss carryforwards and MAT credit have also been pre-populated to further facilitate taxpayer compliance, the council pointed out.

“During the last financial year, whose due date was extended to December 31, 2021, the same number of returns – 58.9 million – were filed, a government official said.

Under the latest rules, a late fee of Rs 5,000 would be payable by those (with an annual income of more than Rs 5 lakh) who file their ITR before December 31 of AY 2022-23.

People whose annual income is less than Rs 5 lakh would have to pay a late fee of Rs 1,000 for delayed filing.

Also, those with unpaid taxes will have to pay an additional 1% interest per month for late filing.

Late fees will not apply to taxpayers whose income is below the taxable limit.

Additionally, a new facility for making tax payment (TIN 2.0) was launched on the e-filing portal with two banks, Kotak Mahindra Bank and Federal Bank.

Over 73,910 challans were received by these banks till July 31, totaling Rs 518.5 crore.

The CBDT also said that 39.6 million returns were verified online, including more than 37.1 million via Aadhaar-based OTP. Among the ITRs verified online, more than 30 million ITRs for AY 2022-23 have been processed.

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