Income Tax Department creates a new record with filing of 49 lakh ITRs

by Sophie Grace What New When You Have Forgot to File Tax Return?

A day after the income tax return filing session has been completed, it has created a new world record of online e-filing ITRs in a single day and that too so easily. As per the Central Board of Direct Taxes, nearly 49 lakh income tax return was filed by the taxpayers on August 31st, 2019 for the assessment year 2019-20. Therefore, the income tax filers boundaries have extended to 4 percent for the financial year 2018-19 compared to the previous year statistics

"The department made history with an all-time high record of 49 lakh 29 thousand ITRs filed in a single day on August 31," Central Board of Direct Taxes (CBDT) said in a statement.

According to live mint research, filing of tax return surged 41% on the last date to 4.9 million filings. Since 27 August e-filing of income tax returns has risen 32-63% as comparison to the last year.Also, in the last five days, the tax department saw 14.7 million e-filing, thus, has made history with a majorfence in the e-filing of ITRs.

CBDT said that out of the 5.65 Cr ITRs filed so far, 3.61 Cr ITRs have been verified. A large number of taxpayers about 2.86 Cr (79%) have opted for e-verification, mostly using Aadhaar OTP.

Highlights of ITR Filing for the AY 2019-20

· Nearly 50 lakh people filed their tax returns online on 31 August, the last date for ITR filing and the peak filing rate per second was at 196 ITRs per second

· Around 5.65 crore ITRs filed whereas, 3.61 crore have been verified

· From August 27 to 31, 1,47,82,095 people filed online ITRs, asurge of 42%as compared to the same period of AY 2018-19

In the last date of ITRs submission, the income tax administration has steadily interacted with taxpayers on social media to help them to resolve their hindrances and e-filing ITR queries and getting acknowledgment in return

Meanwhile, the individuals who haven't filed their returns this financial year could file the ITR after the due date till the end of the fiscal in which the return is to be filed comprising of a penalty and the final figure could go up further.