ITR Filing 2023 Update: 1.5 Crores ITRs Are Processed of 3 Crores Filed Returns By Income Tax Department

As of July 18, 2023, India's income tax department has received and processed over three crore income tax returns (ITRs) for the fiscal year 2022-23. An impressive 91% of these ITRs were filed electronically. Among them, more than 1.5 crore ITRs were successfully processed after being e-verified. 

Notably, this significant achievement was reached seven days ahead of the previous year's timeline, as announced by the department on Twitter.

As of Wednesday, the income tax department has received and processed over 3 crore income tax returns (ITRs) for the fiscal year 2022-23. Among these, an impressive 91% have been electronically verified. 

Out of the 3.06 crore ITRs filed until July 18, 2023, more than 2.81 crore ITRs have undergone e-verification, representing more than 91% of the total filings. Furthermore, out of the e-verified ITRs, more than 1.50 crore have already been successfully processed.

It's worth noting that this year, the milestone of 3 crore ITR filings has been achieved seven days earlier than in previous years, as highlighted in the tweet from the income tax department.

To ease the computation and charging applicable tax, the IT department classified all the income into 5 heads u/s 24 of the income tax act. The following are these incomes:

Income from house property: When an individual owns properties that are rented out to others, the resulting income is considered income from house property. A notional income is added to this category if the property remains vacant.

Income From Salary: Salary income includes different types of components such as a pension, gratuity, wages, annuity, fees, commission, profits, etc, and the transferred balance in a recognized Provident Fund (PF). Additionally, contributions made to the employee's pension account are also considered part of salary income.

Income from profits and gains of business or profession: This category encompasses the profits or losses derived from a business venture or professional practice, as well as any interest, salary, or bonus received by a partner in a firm.

Income from capital gains: Under this head, income is generated from the sale of various capital assets, including long-term capital gains (LTCG) and short-term capital gains (STCG).
Income from other sources: This head covers a diverse range of payments, such as interest earned on bank deposits and securities, dividends, royalties, winnings from lotteries and races, and any gifts received, among other sources.

Also Read: How to Rectify Wrong Bank Account Details In ITR Filing 2023

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