The income tax department on Tuesday said more than 3 crore income tax returns (ITRs) have been filed till July 18 for the annual year 2033-24, as against 3 crore ITRs filed till July 25 of last year.

According to the income tax department, out of the 3.06 crore ITRs filed till July 18, 2023, 2.81 crore ITRs have been e-verified, which means more than 91% ITRs filed have been e-verified. Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed, the government agency said.

"Grateful to our taxpayers and tax professionals for having helped us reach the milestone of 3 crore Income Tax Returns (ITRs), 7 days early this year, compared to the preceding year!" said the department.

"So we hope to keep up the momentum and urge all those who haven't filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last-minute rush," it added.

Meanwhile, in another development, the government agency has clarified regarding the PAN card (permanent account number) of some NRIs (Non-Residential Indians) and OCIs (Overseas Citizenship of India) being inoperative. According to the government agency, the income tax department had mapped the residential status of NRIs in case they have filed the ITR in any of the last three annual years or they have intimated their residential status to the jurisdictional assessing officer (JSO). The PANs have been rendered inoperative, in case any of the above-mentioned criteria is not met, says the government agency.

"The NRIs whose PANs are inoperative are requested to intimate their residential status to their respective JAO along with supporting documents with a request to update their residential status in the PAN database," said the department.

According to the government agency, the PANs of OCIs/foreign citizens, who may have applied for PAN under resident status and have not corrected/updated their residential status to the jurisdictional assessing officer or have not filed ITR in any of the last 3 AYs, have been rendered inoperative.

"The OCIs/foreign citizens are requested to intimate their residential status to their respective JAO along with supporting documents with a request to update their residential status in the PAN database," said the government agency.

The income tax department also clarified that an inoperative PAN is not an inactive PAN. One may file the Income Tax Return (ITR), irrespective of PAN becoming inoperative, according to the government agency.

The income tax department has listed three consequences of inoperative PAN. According to the income tax department, pending refunds and interest on such refunds will not be issued to inoperative PANs. TDS will be required to be deducted at a higher rate for inoperative PANs in accordance with section 206AA. TCS will be required to be collected at a higher rate for inoperative PANs in accordance with section 206CC.

Income Tax Returns (ITRs)

Over 3 cr ITRs filed till July 18 for AY2023-24: I-T dept