Filing Income Tax Return? Here's Why You Should Be More Careful This Time As I-T Department Goes High-Tech
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July 31 is the last date for filing the Income Tax returns without any penalty for AY 2023-24. By July 11, over 2 crore ITRs were filed for AY 2023-24 as compared to 2 crore ITRs filed till the 20th of July last year. This means, more taxpayers have filed returns before time this year. India has around 6 crore taxpayers. Sharing the taxpayer's latest data, the Income Tax department said that taxpayers have helped it reach the 2 crore milestone 9 days early this year, compared to the corresponding period in the preceding year. The Income Tax Department advised people to file their ITR for AY 2023-24 at the earliest to avoid last minute spurt. With the advancement of technology, the Income Tax Department has also gone high-tech and is using Artificial Intelligence to track and match data even from sources you cannot imagine.
Use Of AI In ITR Scrutiny Starting this year, the income tax department will conduct the strictest scrutiny of tax returns. To facilitate this