Record Surge In ITR Filings: Over 7.28 Crore Returns For AY 2024-25, 72% Opt For New Tax Regime

As the Income Tax Return (ITR) filing season ended on June 31, 2024, in a latest development, the Income Tax Department of the country has recently updated the number of ITR filed this fiscal year.

The Income Tax Department, on the social media platform X, formerly Twitter, posted, "The Income Tax Department appreciates taxpayers & tax professionals for timely compliance, resulting in a record surge in the filing of Income Tax Returns (ITRs)."

By July 31, 2024, the total number of ITRs filed for AY 2024-25 surpassed 7.28 crore, a 7.5 per cent surge compared to the previous year's filing, which stood at Rs 6.77 crore.

Also, this year, there was also a notable number of shift towards New Tax Regime.

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Out of the total number of ITR filed this season, around 5.27 crore were under the New Tax Regime in comparison to 2.01 crore under the Old Tax Regime.

This also adds that approximately 72 per cent of taxpayer have opted for the new tax system, while 28 per cent continue with the old tax regime.

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Last hour Filing

On the last day of ITR filing, that is, July 31, 2024, a record 69.92 lakh ITRs were filed in a single day.

Picture for Representation |

The peak filing hour saw 5.07 lakh submissions between 7:00 PM and 8:00 PM. Moreover, it also noted the highest per second and per minute filing rates were recorded.

The number of first-time filers has also increased, with 58.57 lakh new taxpayers joining the fold.

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E-Filing System

The e-filing portal reported over 3.2 crore successful logins on July 31, 2024, handling the high traffic with efficiency. To facilitate the filing process, ITR forms (ITR-1, ITR-2, ITR-4, and ITR-6) were made available from April 1, 2024, with ITR-3 and ITR-5 released earlier than in previous years.

The number of first-time filers has also increased, with 58.57 lakh new taxpayers joining the fold. | Image Source: Wikipedia (Representative)

As of July 31, 2024, more than 6.21 crore ITRs had been e-verified, with 93.56 per cent taxpayers using Aadhaar-based OTPs.

Furthermore, this facilitated the processing of over 2.69 crore ITRs (43.34 per cent) for the current assessment year.

In addition, over 91.94 lakh challans were received through the TIN 2.0 payment system in July alone.