Introduction

The process of filing income tax returns is crucial for individuals and entities to fulfill their fiscal obligations. With the commencement of Assessment Year 2024-25, taxpayers are swiftly embracing the opportunity to submit their returns and comply with regulatory requirements.

Current Status of Income Tax Returns

As of May 5, an impressive figure of approximately 829,000 income tax returns has been filed for AY 24-25, according to data provided by the Central Board of Direct Taxes (CBDT). Of these filings, 750,000 have been verified by taxpayers, with 510,000 already processed by the department.

Facilitating Taxpayers with E-Filing Portal

To streamline the filing process, CBDT has made commonly used forms such as ITR-1, ITR-2, and ITR-4 available on the e-filing portal since April 1. Additionally, companies can file their ITRs using ITR-6 from the same date, providing taxpayers with convenient options for compliance.

Expectations for Increased Filings

Experts anticipate a surge in filings in the coming weeks as more taxpayers capitalize on the opportunity to submit their returns. While some choose to file early to avoid last-minute rush, others may wait until June to receive TDS certificates from employers and banks.

Implications and Challenges Ahead

Despite the encouraging numbers, the current filings represent only a fraction of the total returns filed for AY 23-24, indicating a need for increased awareness and compliance. The CBDT continues its efforts to improve taxpayer compliance and timely filing to alleviate pressure on the IT portal.