7.85 Crore IT returns filed, Setting a new record by October

In a delightful turn of events, the Income Tax Department is giving a standing ovation to all the diligent taxpayers and tax experts for their swift response. Their dedication has led to an astonishing record in the number of Income Tax Returns (ITRs) filed by October 31, 2023. The Central Board of Direct Taxes (CBDT) has just dropped this exciting news.

So, what's the buzz all about? Well, it turns out that the deadline for filing ITRs (excluding ITR-7) for those without international or specified domestic transactions and requiring an audit of their books, was October 31. And what a show it's been!

The grand total of ITRs for the Assessment Year (AY) 2023-24, filed until October 31, 2023, is a whopping 7.65 crore. Yes, you heard that right, a staggering 11.7% increase compared to the previous year's deadline, which was November 7, 2022, for AY 2022-23.

But that's not all. The excitement doesn't stop there. For the entire Fiscal Year (FY) 2023-24, the total number of ITRs for all assessment years filed by October 31, 2023, hits a jaw-dropping 7.85 crore. It's a record-breaker, surpassing the 7.78 crore ITRs filed in FY 2022-23.

Here's the icing on the cake: out of the 7.65 crore ITRs filed for AY 2023-24, more than 7.51 crore have already been verified, and remarkably, 7.19 crore of them have been processed by October 31, 2023. That's almost 96% of the verified ITRs that have been processed.

In a final note from the CBDT, the deadline for filing essential statutory forms like Form 10B, 10BB, and 3CEB was October 31, 2023. So, kudos to all those who've contributed to this fantastic tax season!