Blitz Bureau
NEW DELHI: The total number of ITRs (income tax returns) for the assessment year (AY) 2024-25, filed till July 31, has surged to a record high of 7.28 crore, according to figures released by the Finance Ministry on August 2. This represents a 7.5 per cent jump over the 6.77 crore ITRs that were filed for AY 2023-24 till July 31 last year.
The Income Tax Department also received 58.57 lakh ITRs till July 31 this year from first-time filers which is considered an indication of the widening tax base in a growing economy.
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. Thus, about 72 per cent of taxpayers have opted for the new tax regime, while 28 per cent continue to be in the old tax regime, the Finance Ministry said.
The filing of ITRs peaked on July 31 (the due date for salaried taxpayers and other non-tax audit cases) with over 69.92 lakh ITRs being filed on a single day. The e-filing portal also clocked its highest per hour rate of 5.07 lakh ITR filings between 7 p.m. to 8 p.m. on July 31.
