Record 7.28 crore ITRs filed till July 31 for AY 2024-25, 72 percent opt for New Tax Regime
The Income Tax department on Friday said a record Rs. 7.28 crore has been filed till July 31 which is 7.5% more than the total ITRs for AY 2023-24 (6.77 crore) filed till 31st July, 2023.
The department said 5.27 crore have been filed in the New Tax Regime compared to 2.01 crore ITRs filed in the Old Tax Regime.
An increasing number of taxpayers have opted for the New Tax Regime this year.
"Out of the total ITRs of 7.28 crore filed for AY 2024-25, 5.27 crore have been filed in the New Tax Regime compared to 2.01 crore ITRs filed in the Old Tax Regime," the statement said.
"Thus, about 72% of taxpayers have opted for the New Tax Regime, while 28% continue to be in the Old Tax Regime," the statement further said.
The filing of ITRs peaked on 31st July, 2024 (due date for salaried taxpayers and other non-tax audit cases) with over 69.92 lakh ITRs being filed on a single day i.e. on 31st July, 2024.
The e-filing portal also observed its highest per hour rate of 5.07 lakh of ITR filing between 07:00 pm to 08:00 pm on 31.07.2024.
The highest per second rate of ITR filing was 917 (17.07.2024, 08:13:54 am) and highest per minute rate of ITR filing was 9,367 (31.07.2024, 08:08 pm).
The Department also received 58.57 lakh ITRs till 31.07.2024 from first time filers, a fair indication of widening of tax base.
In a historic first, ITRs (ITR-1, ITR-2, ITR-4, ITR-6) were deployed on the e-filing portal on the first day of the Financial Year ie on 01.04.2024.
The ITR-3 and ITR-5 were also released earlier in comparison with the preceding financial years.
A lot of emphasis was provided to educate taxpayers about Old and New tax regimes. FAQs and educational Videos on the same were designed and uploaded on the e-filing portal.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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