Record 7.28 Crore ITRs Filed by July 31, 2024; 72% Opt for New Tax Regime

A record 7.28 crore Income-tax Returns (ITRs) were filed by July 31, 2024, marking a 7.5% increase from the previous year. Of these, 72% opted for the New Tax Regime. Extensive educational and outreach campaigns contributed to the record filings.

In an unprecedented move, taxpayers and tax professionals achieved a new milestone in Income-tax Return (ITR) filings, meeting the deadline of July 31, 2024. According to the Ministry of Finance, a record 7.28 crore ITRs were filed for the assessment year 2024-25, marking a 7.5% increase from the 6.77 crore filed in the previous year.

This year witnessed a significant shift towards the New Tax Regime, with 5.27 crore out of the total 7.28 crore filings opting for the New Regime, compared to 2.01 crore in the Old Regime. The surge indicates that approximately 72% of taxpayers now prefer the New Tax Regime.

July 31, the last filing day for salaried taxpayers and non-tax audit cases, saw a peak with over 69.92 lakh ITRs filed. The e-filing portal experienced its highest hourly rate, processing 5.07 lakh ITRs between 07:00 PM to 08:00 PM.

First-time filers also contributed to the widening tax base, with 58.57 lakh new filings reported. The Ministry of Finance emphasized educational initiatives, including FAQs and videos on tax regimes. Information was disseminated in 12 vernacular languages, besides English and Hindi, across various digital platforms and social media campaigns.

Efforts extended beyond digital realms with outdoor campaigns, leading to increased taxpayer engagement. The e-verification, pivotal for refund processing, saw 6.21 crore ITRs successfully verified, predominantly via Aadhaar-based OTP.

The e-filing Helpdesk managed 10.64 lakh taxpayer queries during the peak period. Taxpayers are reminded to verify their ITRs within 30 days of filing and those who missed the deadline are urged to file promptly.