Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has confirmed that over 6.85 crore income tax returns have been filed so far for fiscal 2021-22. Moreover, the CBDT chairman said that the number is expected to go up further by December 31.

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ITR FILING LAST DATE

The last date for filing income tax returns (ITRs) for 2021-22 fiscal for individuals was July 31, while for corporates and others who need to get their accounts audited was November 7, 2022.

ITR FILING: Penalty

If the deadline is missed, taxpayers can also file a belated return by paying penalty, the last date for which is December 31.

"So far, 6.85 crore tax returns for Assessment Year 2022-23 have been filed and we are hopeful that the number will increase till December 31," CBDT Chairman Nitin Gupta said, a PTI report said.

In the last fiscal (2021-22), which ended on March 31, 2022, 7.14 crore tax returns were filed. 

This was higher compared to 6.97 crore filed in 2020-21.

Income Tax: Refunds, gross direct tax kitty, net direct tax collection and more

-So far this fiscal, refund worth around Rs 2 lakh crore has been disbursed.

-Till November 10, the government's gross direct tax kitty grew 31 per cent to Rs 10.54 lakh crore.

- Net collections, after adjusting refunds, stood at Rs 8.71 lakh crore, which is 61.31 per cent of the Budget estimates (BE) for the full year tax collection target.

- The net direct tax collection this fiscal ending March 31, 2023 is likely to exceed budget estimates of Rs 14.20 lakh crore by 25-30 per cent.