Page 15 - NIS English Jul 16-31 2024

Decade of Tax Reforms

Record returns filed in FY 2023-24
8.60 Crore

ITRs were filed in FY 2023-24 as against
7.78 crore returns filed in FY 2022-23.
The number of return filers increased by
10.50 percent in a year.

n 64.33 lakh returns filed in a single day (31 July
2023) in FY 2023-24, with around five lakh ITRs
filed between 5 and 6 pm on the same day.
n Maximum of 486 ITRs were filed per second and
a maximum of 8,622 ITRs were filed per minute on
The government's thinking
31 July 2023.
is that first of all, have full
Return filing process faith in the income tax return
that is being filed. The result
n After filing the return, it has to be verified by the of this is that today 99.75
taxpayer within the stipulated time. The return is then percent of the returns filed
processed by the Centralized Processing Center in the country are accepted
(CPC) in Bengaluru. without any objection.
Scrutiny is being done in only
n In processing, the refund is determined after completing
0.25 percent of the cases.
the verification of the claims filed and matching them
as well as checking for the errors only.
- Narendra Modi,
n Due to the extensive use of technology and strong
Prime Minister
infrastructure, the process of filing taxes has become
faster, and due to faster processing, the refund has
become faster.
to the taxpayers because when the difficulties of those
n 8.46 crore returns were processed in FY 2023-24, 47 who give money for the development of the country
percent of the returns were processed within seven days. are reduced, they get security, and then their trust in
the systems of the country increases even more. The
n In FY 2023-24, 99.50 percent of the eligible taxpayers'
result of this increasing trust is that now more and more
returns were processed during the year.
people are coming forward to join the tax system for the
n On average, the return process was completed in 10 development of the country.
days in 2023-24, it used to take 16 days in FY 2022-23.
n 1.96 crore returns (about 25 percent) were processed Implementing faceless assessment
The arrangements of faceless assessment along
in one day in FY 2023-24.
with new facilities, which started in 2020 regarding
n This is the first time that almost 99% of returns filed by the income tax system have proved to strengthen the
companies were processed in the same year. Due to nation's commitment towards minimum government,
faster processing, refunds were also issued quickly. and maximum governance. Be it the Taxpayers Charter
or the series of institutional reforms, it is a big step
in the country's development journey. Transparent
Taxation: Honouring the Honest has emerged as an

New India Samachar July 16-31, 2024 13