Income Tax News: The Income Tax Department has expressed gratitude to taxpayers and tax professionals for their significant contribution to reaching the milestone of over 4 crore Income Tax Returns (ITRs) filed for the Assessment Year (AY) 2024-25. This achievement marks an increase in the number of ITRs filed compared to the same period last year, where the 4 crore mark was achieved by July 24.
Surge in ITR Filings
As of July 22, 2024, more than 4 crore ITRs have already been filed, indicating a proactive approach by taxpayers. This increase in early filings reflects the growing awareness and diligence among taxpayers and tax professionals regarding the importance of timely submissions.
Call to Action: Avoid Last-Minute Rush
The Income Tax Department urges all those who have yet to file their ITR for AY 2024-25 to do so at the earliest to avoid the last-minute rush. The due date for filing ITRs is July 31, 2024. Filing early helps in avoiding potential issues that may arise due to the high volume of submissions closer to the deadline.
Verification of Data
The department also advises taxpayers to verify their data from the Annual Information Statement (AIS) and Form 26AS before filing their ITRs. This step ensures accuracy and compliance, reducing the chances of errors and discrepancies in the returns filed.
Achievements and Future Prospects
The achievement of over 4 crore ITRs filed well ahead of the deadline is a testament to the successful efforts of the Income Tax Department in streamlining the tax filing process and enhancing taxpayer services. It also underscores the importance of continuous engagement with taxpayers and the provision of timely guidance and support.
As the deadline approaches, the Income Tax Department reiterates its call for timely filings to ensure a smooth and hassle-free process for all taxpayers. The collective effort of taxpayers and tax professionals in achieving this milestone highlights the progress towards a more efficient and responsive tax administration system in India.
The department remains committed to facilitating a seamless tax filing experience and looks forward to continued cooperation from all stakeholders in achieving future milestones.
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