ITR Refund Status - Check Income Tax Department’s Update on Processing

The Income Tax Department has recently provided crucial information regarding the processing of Income Tax Returns (ITRs) for the assessment year 2024-25.

Over 6.21 crore ITRs have been e-verified, with more than 5.81 crore using Aadhaar-based OTP. Of the e-verified ITRs, 2.69 crore for AY 2024-25 have been processed (43.34%) as of 31st July 2024.

By the July 31 deadline, a staggering 7.28 crore ITRs were filed, marking a 7.5% increase from the previous year.

An increasing number of taxpayers have opted for the New Tax Regime, with 5.27 crore ITRs filed under this system, compared to 2.01 crore under the Old Tax Regime.

The department has observed 58.57 lakh new ITRs submitted by July 31, 2024. The introduction of ITR forms at the start of the financial year and proactive educational campaigns contributed to this surge.

The Department’s helpdesk has successfully handled over 10.64 lakh queries, providing timely assistance to taxpayers. Taxpayers who missed the July 31 deadline are urged to file their returns promptly to avoid penalties.

In summary, the Income Tax Department’s efforts have streamlined ITR processing, encouraged new filers, and emphasized compliance with deadlines. Taxpayers should take advantage of these updates and promptly submit their returns to stay compliant with tax regulations.

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