ITR Processing Time 2024: Revenue Secretary Sanjay Malhotra on Wednesday said the income tax department has processed close to 4 crore ITRs for AY 2024-25 in 15 days. Over 7.28 crore income tax returns for Assessment Year 2024-25 were filed till July 31, 2024.
About 4.98 crore ITRs (income tax returns) have already been processed by the tax department, and intimations sent to taxpayers. Of this, 3.92 crore ITRs were processed in less than 15 days.
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“We have made strides in digitisation…About 4 crore returns were processed within 15 days..,” Malhotra said at the 165th Income Tax Day celebration.
Malhotra said that in the last decade, the direct tax revenues have increased from Rs 5.59 lakh crore to Rs 20 lakh crore. Also, the tax-to-GDP ratio has increased to 6 per cent from 5.6 per cent over this period.
New Tax Regime Popular Option
CBDT Chairman Ravi Agrawal said on Wednesday that the new regime for Income Tax Returns filing was gaining “widespread acceptance” as 72 per cent of taxpayers had opted for it this time.
He added that there have been 58.57 lakh first-time filers (of ITRs) till July 31.
The chairman further said a total of 6.76 lakh income tax assessments were completed till now under the faceless regime, while 2.83 lakh appeals were finalised by July.
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