Although the filing of Income Tax Returns (ITR) was slow initially, the pace picked up as the deadline approached.
“The surge in ITR filing peaked on July 31, 2022 (due date for salaried taxpayers and non-taxable audit cases) with over 72.42 lakh ITRs filed in a single day ,” the official statement said.
The total ITR filed till July 31, 2022 for assessment year 22-23 is around 5.83 crore, he said. In the last budget (2020-21), around 5.89 crore ITRs (Income Tax Returns) were filed on 31st December 2021.
Generally, filers wait until the last day to file a return.
In the last two financial years, the government has extended the ITR filing deadline to ease compliance for taxpayers battling the Covid pandemic. But this year the deadline was not extended even by a single day.
Through ITR, a person should submit the information about income and tax due and payable for the year.
The Income Tax Department has prescribed 7 types of ITR forms, the application of which depends on the nature and amount of income and the type of taxpayer.
The portal of the new Income Tax Department is now very robust to accommodate the increased loads.
“The e-filing portal also set other benchmarks on July 31, 2022, including – the highest rate per second of filing ITR: 570 (out of 4: 29:30 pm), the highest rate of ITR per minute: 9573 (at 7:44 pm). pm), and the highest hourly rate of filing ITR: 5,17,030 , between 5pm and 6pm,” the statement said.
The initial speed of e-filing was slightly slower with the first 1 crore ITRs for AY 22-23 only being submitted on July 7.
“When the Government announced that there will be no extension of the specified period, there was an increase in the filing of the ITR and on July 25, 2022, the ITR received was 3 million Ariary. 72.42 lakh ITRs were filed, breaking all previous records (at least 49 lakh ITRs in 2019). In July 2022 alone, more than 5.13 crore ITRs were filed,” it said.
Out of 5.83 crore ITRs filed for AY 2022-23, 50 percent of them are ITR-1 (2.93 crore), 11.5 percent are ITR-2 (67 lakh), 10.9 percent is ITR-3 (63.35 lakh) and 26 percent is ITR-4 (1.54 crore).
“Around 3.31 crore number of ITRs were filed during business hours (9 am to 6 pm) from July 7, 2022 to July 31, 2022, which is 58.77% of the total number of ITRs filed,” he said.
“More than 47% of these ITRs were filed through the online ITR form on the portal and the balance was filed through ITR generated from the software tool. offline.”
Many taxpayers have done their due diligence by comparing their income data by looking at the Annual Information Statement (AIS) and the Taxpayer Information Summary (TIS). The rate of use of AIS/TIS data is reflected in the fact that more than 5.03 million taxpayers viewed/downloaded the AIS.
This year most of the data for ITR-1 has been pre-filled for salary, interest and dividend income which makes compliance easier for taxpayers. . For other ITRs 2, 3, 4, apart from this data, property details for rental income, loss carrying, MAT credit is also pre-filled to make compliance easier for taxpayers.