Only 6.68% Of Indians Filed Income Tax Returns In 2023-24 Fiscal

Parliament was informed on Tuesday that just 6.68% of India's population submitted income tax returns for the fiscal year 2023-24. Pankaj Chaudhary, Minister of State for Finance, stated that there has been a rise in ITR filing, with over 8.09 crore income tax returns submitted in fiscal 2023-24, up from over 7.40 crore in 2022-23. In FY22, more than 6.96 crore ITRs were filed, up from 6.72 crore in FY21 and 6.48 crore in FY20.

"In FY 2023-24, the percentage of the population that files Income Tax Return is 6.68 per cent. (In FY 2023-24, the total number of persons filling income tax returns is 8,09,03,315)," Chaudhary said in a written reply to the Rajya Sabha.

He further stated that the total number of persons declaring zero taxable income in their ITRs is 4.90 crore in Assessment Year 2023-24, up from 4.64 lakh in 2022-23.

Belated Income Tax Return Deadline

If you missed the July 31, 2024 deadline to file your Income Tax Return for FY 2023-24, you can still do so before December 31, 2024. However, filing after the original deadline will incur a fee of ₹1,000 for individuals with taxable income under ₹5 lakh, and ₹5,000 for those with taxable income over ₹5 lakh. The previous deadline which was set to be July 31 was then moved to the end of December 2024 to give people a chance to file their tax returns. 

Belated ITR Filing

You can simply file your belated ITR through the official website online. To file your belated ITR, log into your e-filing account, click on e-file, select the appropriate evaluation year, start new filing, choose the category (Individual, HUF, or Others), select the ITR form (ITR-1, ITR-2, ITR-3), and file your return.