Ahead of the ITR filing deadline on July 31, 2024, the Income Tax department has that 13 lakh returns are being filed every day. It added that till July 14, 2024, around 2.7 crore ITRs were filed.
“Over 2.7 crore ITRs have been filed as on 14 July 2024, which is 13 per cent more compared to returns filed during the same period last year,” the I-T department shared an update on the e-filing website.
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This year for the first time ever, the I-T department allowed taxpayers to file returns on the first day of the new financial year for the AY 2024-25 (fiscal year 2023-24).
The milestone of one-crore ITRs for the Assessment Year 2024-25 was reached on June 23. Subsequently, the two-crore mark was achieved on July 7, in contrast to the previous year’s dates of June 26 and July 11, respectively. In the Assessment Year 2023-24, a total of 6.91 crore returns had been filed as of July 31, 2023. This number increased to 8.62 crore by March 31, 2024.
Last week, the I-T department said India’s net direct tax collection recorded a significant growth of 19.54 per cent in FY25, amounting to Rs 5.74 lakh crore as of July 11. The net direct tax collection stood at Rs 4.80 lakh crore in FY24 during the same period, marking a growth in direct tax collections in the past one year.
In the fiscal year 2024-2025, the total refunds issued amounted to Rs 70,902 crore, showing a significant increase of 64.49% from Rs 43,105 crore in FY24. This notable surge underscores the government’s efficacy in processing claims promptly and offering timely relief to taxpayers.
Furthermore, the total gross direct tax collection saw a notable uptick of 23.24% in FY25, reaching Rs 6,45,259 crore compared to the Rs 5,23,563 crore collected in the previous fiscal year. This data is sourced from government records.
Specifically, direct tax categories including corporate tax, income tax, and securities tax exhibited impressive growth rates during FY25, showcasing a positive trend in tax collection.
According to the latest official data, the corporate tax collection for the fiscal year 2024-25 experienced a notable growth of 20.44%, reaching Rs 2,65,336 crore as compared to the previous year’s figure of Rs 2,20,297 crore.
Similarly, the personal income tax collections stood at Rs 3,61,862 crore, marking a significant increase of 22.76% (as of July 11) from Rs 2,94,764 crore recorded during the corresponding period in FY 2023-24. This surge in personal income tax collections highlights the upward trajectory of individual earnings and the effectiveness of tax collection mechanisms in place.