Finance Ministry Shares Highlights of Income Tax Return (ITR) Filing; Check Details

The Ministry of Finance on Thursday shared some key highlights of ITR Filing on social media platform X. Using the hashtags #ViksitBharat and #FinMinReview2023, the ministry shared the results of some of the key initiatives and announcements taken this year.

Here are some highlights of ITR Filing shared by Finance Ministry.

• 7.97 crore ITRs filed for all AYs till November 30, 2023

• 7.76 crore ITRs filed for A.Y. 2023 -24 till November 30, 2023

• Highest filing of ITRs in one day - 64.33 lakh ITRs filed on 31st July,2023

• Maximum ITRs filed in a month - 5.5 crore ITRs filed in July,2023

• ITR filing per second: 486 - At 4:35 pm on July 31, 2023

• ITR filing per minute: 8,622 at 5:54 pm on July 31, 2023

• ITR filing per hour: 4,96,559 between 5 pm to 6 pm on July 31, 2023.

Here's the status of refunds:

• Refunds amounting to Rs 2.03 lakh crore issued between April 1,2023 to November 30, 2023.

• Special initiative was taken in the case of 35 lakh refund failed cases of all AYs and the refund was issued to the validated bank account.

• Enablement of TlN 2.0 resulted in quick issue of refunds. More than 3 crore refunds have been credited using TIN 2.0 with an error rate of 0.002%.

• Highest number of refunds issued in a single day is 14 lakh.

The updated Returns facility was introduced by Finance Act, 2022 to facilitate taxpayers to update their returns within two years from the end of the relevant assessment year, subject to prescribed conditions

Upto November 30,2023, over 44.76 lakh updated returns have been filed resulting in additional tax collection of over Rs 4000 crore.

Steady growth was seen in the direct tax collections:

• Gross collections in FY 2023-24,at Rs.12.67 lakh crore are 17.7% higher than the gross collections for the corresponding period of the preceding year.

• Net collections in FY 2023-24,at Rs.10.64 lakh crore are 23.4% higher than the net collections for the corresponding period of the preceding year.

• 58.34% of Budget Estimates for FY.2023-24 already achieved.