November 12, 2019 | 10:44 AM IST
Market

IT makes record with over 49 lakh online ITR filings made in a single day

The Income Tax department revealed 4 per cent rise in IT filings for the financial year 2018-19 with a record of 5.56 crore hike on August 31- the extended deadline for annual filing. Out of these, 3.61 crore ITRs have been verified. A large number of taxpayers about 2.86 Cr (79%) have opted for e-verification, mostly using Aadhaar OTP. 

According to Central Board of Direct Taxes (CBDT), the department made history with an all-time high record of 49, 29,121 ITRs being filed in a single day on August 31. In a statement the CBDT said that around 1.4 crore ITRs were filed in the last five peak days of August and more individuals were now part of the tax net. The department stated that there has been a 4% rise in the total ITR filings in FY20 at 5.65 crore (till August 31) from 5.42 crore in FY19. It may be noted that last year the number of ITR filings registered an eight-fold jump 5.42 crore, 71 per cent rise in comparison to preceding year numbers which was attributed to the impact of demonetisation as cash deposits resulted in income disclosures. 

This was also the first year when pre-filled tax return forms were notified. The tax department believes that the experiment has been successful.

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