ITR Filings Hit Record High of 7.28 Crore by July Deadline

The number of income tax returns (ITRs) filed in India reached a record 7.28 crore by the July 31, 2024 deadline, marking a 7.5% increase over the previous fiscal year. About 72% of taxpayers chose the new tax regime. The e-filing portal successfully handled the surge, with 6.21 crore ITRs e-verified and extensive campaigns conducted for taxpayer education.

The number of income tax returns (ITRs) filed in India surged to a record 7.28 crore by the July 31, 2024 deadline, reflecting a 7.5% rise compared to the previous fiscal year, according to a statement from the income tax department on Friday.

In an unprecedented trend, 72% of the taxpayers opted for the new tax regime, while the remaining 28% stuck with the old regime. Notably, 69.92 lakh ITRs were submitted on the deadline day alone.

The e-filing portal managed the heavy traffic efficiently, with over 6.21 crore ITRs e-verified by Aadhaar-based OTP. Extensive campaigns, including educational videos in multiple languages and social media outreach, contributed to the record-breaking filings.