5.83 crore Income Tax returns were filed up until July 31; the last day saw a record 72.42 lakh

2 Aug 2022 , 08:36 AM

On the final day for submitting income tax returns, July 31, a record 72.42 lakh forms were submitted, bringing the total to 5.83 crore, which is about the same as last year.

Income tax return (ITR) filing started out slowly, but as the deadline approached, it gained speed.

According to an official release, the increase in ITR filing “peaked on July 31, 2022 (due date for salaried taxpayers and other non-tax audit cases) with over 72.42 lakh ITRs being filed on a single day.”

According to the report, 5.83 crore ITRs have been submitted overall for assessment year 22—23 as of July 31, 2022.

By the extended due date of December 31, 2021, around 5.89 crores ITRs (Income Tax Returns) from the previous fiscal year (2020—21) were submitted. Usually, people who file returns wait until the very last minute.

In order to make compliance easier for taxpayers coping with the COVID pandemic over the past two fiscal years, the government has extended the deadline for reporting ITRs. However, not even a day’s worth of time was added to the deadline this year.

A person is required to submit information to the Income Tax Department via ITR regarding their income as well as any taxes that were owed and paid throughout the year.

Depending on the type of taxpayer, the type of income, and the quantity of income, the Income Tax Department may apply one of seven different ITR form types.

The new income tax filing system for the tax department is now quite strong to handle the increased loads.

According to the statement, “The e-filing portal also set other benchmarks on July 31, 2022, including the highest rate of ITR filing per second: 570 (at 4:29:30 pm), the highest rate of ITR filing per minute: 9573 (at 7:44 pm), and the highest rate of ITR filing per hour: 5,17,030, between 5 PM and 6 PM.

The first 1 crore ITRs for AY 22—23 were only submitted by July 7, showing that the early pace of e-filing was significantly slower. The number of ITRs submitted increased slightly, reaching 2.48 crore by July 22.

50 percent of the 5.83 crore ITRs filed for AY 2022—23 are ITR-1 (2.93 crore), 11.5% are ITR-2 (67 lakh), 10.9% are ITR-3 (63.35 lakh), and 26% are ITR-4 (1.54 crore).

Many taxpayers checked their financial records by comparing the information on their Annual Information Statements (AIS) and Taxpayer Information Summaries (TIS). More than 5.03 crore taxpayers saw or downloaded their AIS, which indicates a strong consumption rate for AIS/TIS data.

Apart from this information, property details for rental income, disclosed losses, and MAT credit were also pre-filled for other ITRs 2, 3, and 4 to make compliance easier for taxpayers.