Over 800000 Returns Filed for AY 24-25
Since April 1, the Central Board of Direct Taxes (CBDT) has facilitated the filing of income tax returns for Assessment Year 2024-25 by making ITR-1, ITR-2, and ITR-4 available on the e-filing portal.
As of May 5, over 800,000 income tax returns have been filed for AY 24-25, indicating a proactive approach by taxpayers to avoid last-minute rushes.
Among the filed returns, approximately 750,000 have been verified by taxpayers, demonstrating a high level of engagement with the filing process.
Of the verified returns, around 510,000 have been processed by the tax department, showcasing efficient processing mechanisms to handle the influx of filings.
Important Points:
- Early Filing Trend: Taxpayers are taking advantage of the early availability of income tax returns to file their returns promptly for AY 24-25.
- Verification Rate: The high verification rate indicates that taxpayers are actively participating in the filing process and ensuring the accuracy of their returns.
- Processing Efficiency: With a significant number of returns already processed by the department, there is a testament to the efficiency of the processing system in handling the workload.
- Taxpayer Engagement: The data reflects positive taxpayer engagement with the filing process, which is essential for timely compliance and smooth functioning of the tax system.
- Deadline Awareness: Taxpayers seem to be aware of the importance of filing returns early to avoid any potential issues or delays closer to the deadline.
