Record-Breaking Income Tax Returns Filed This Year, Over 7.28 crore ITRs Filed, 72% Opt For New Tax Regime

New Delhi: A surge in income tax returns (ITRs) has been reported for the assessment year 2024-25, with a total of over 7.28 crore returns filed by the July 31 deadline. This represents a significant increase of 7.5% compared to the previous year.

The Ministry of Finance attributed this surge to timely compliance by taxpayers and tax professionals. Additionally, a growing number of individuals opted for the New Tax Regime, with approximately 72% of taxpayers choosing this option.

Key highlights:

– A record-breaking 69.92 lakh ITRs were filed on the final day, July 31, 2024.

– The e-filing portal witnessed its peak performance between 7:00 PM and 8:00 PM on July 31, with 5.07 lakh ITRs filed in a single hour.

– The number of first-time taxpayers increased to 58.57 lakh, indicating a widening tax base.

– The government undertook extensive outreach efforts, including social media campaigns, informational videos in 12 vernacular languages, and outdoor advertising, to encourage early filing.

– Over 6.21 crore ITRs have been e-verified, with 93.56% using Aadhaar-based OTP.

– More than 2.69 crore e-verified ITRs have been processed as of July 31, 2024.

– The e-filing helpdesk resolved approximately 10.64 lakh taxpayer queries.

The Ministry has urged taxpayers to promptly e-verify their returns and encouraged those who missed the deadline to file their ITRs without delay.

The government’s focus on simplifying the tax filing process and increasing taxpayer awareness has clearly yielded positive results.