Income tax dept processed about 40 mn ITRs for AY 2024-25 in 15 days

Revenue Secretary Sanjay Malhotra on Wednesday said the income tax department has processed close to 4 crore ITRs for AY 2024-25 in 15 days.

Over 7.28 crore income tax returns for Assessment Year 2024-25 were filed till July 31, 2024.

About 4.98 crore ITRs (income tax returns) have already been processed by the tax department, and intimations sent to taxpayers. Of this, 3.92 crore ITRs were processed in less than 15 days.

"We have made strides in digitisation...About 4 crore returns were processed within 15 days..," Malhotra said at the 165th Income Tax Day celebration.

Malhotra said that in the last decade, the direct tax revenues have increased from Rs 5.59 lakh crore to Rs 20 lakh crore. Also, the tax-to-GDP ratio has increased to 6 per cent from 5.6 per cent over this period.