More than 6.85 crore tax returns have been filed so far for the 2021-22 financial year and the number is expected to rise further by December 31, a senior official said. The deadline for filing income tax returns (ITRs) for the 2021-22 fiscal year for individuals was July 31, while for businesses and others who need to have their accounts audited was November 7, 2022.

If the deadline is not met, taxpayers can also file a late return by paying a penalty, the last date of which is December 31.
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“So far, 6.85 million tax returns for the 2022-23 assessment year have been filed and we expect that number to increase through December 31,” the Central Tax Board chairman said. (CBDT), Nitin Gupta.

In the last fiscal year (2021-22), which ended March 31, 2022, 7.14 million tax returns were filed. This was higher than the 6.97 crore deposited in 2020-2021.

So far, this tax rebate worth around Rs 2 lakh crore has been disbursed.

Through Nov. 10, the gross government direct tax pool increased by 31% to Rs 10.54 lakh crore.

Net collections, after adjusting for refunds, stood at Rs 8.71 lakh crore, or 61.31% of budget estimates (BE) for the tax collection target for the full year.

Net direct tax collection for this financial year ending March 31, 2023 is expected to exceed budget estimates of Rs 14.20 lakh crore by 25-30%.