The filing of Income Tax Returns (ITR) has reached an all-time high in 2023, with a remarkable 7.85 crore ITRs submitted by 31 October in FY23-24.
Furthermore, for Assessment Year (AY) 2023-24, the total number of ITRs filed until 31 October surpassed 7.65 crore, demonstrating an impressive 11.7 per cent increase compared to the previous fiscal year, as reported by Livemint.
In AY 2022-23, the total number of ITRs filed until 7 November, 2022, stood at 6.85 crore.
This record-breaking surge in ITR filing reflects a growing trend in compliance and tax transparency among Indian taxpayers, with a substantial rise in submissions during the current fiscal year.
The increase in the number of filed ITRs is expected to contribute positively to government revenue and economic stability and the willingness of citizens to contribute to the nation's progress through tax compliance.
Nayan Dwivedi is Staff Writer at Swarajya.
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