ITR 2024: Record 7.28 crore tax returns filed for AY25 till July 31, up 7.5% YoY

More than 7.28 crore income tax returns (ITRs) for assessment year (AY) 2024-25 were filed till the deadline on July 31, 2024, which is 7.5% higher as compared to the ITRs filed till the same date last year.

The new tax regime, which offers a lower rate of taxation but omits most of the deductions, was the preferred choice of the bulk of the taxpayers, as per a release issued by the Ministry of Finance.

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", the ministry said.

Thus, about 72% of taxpayers have opted for the new tax regime, while 28% continue to be in the old tax regime, it added.

In a sign of the widening of the taxation base, the Income Tax Department received 58.57 lakh ITRs from "first-time filers".

The finance ministry also noted that out of the total ITRs filed, 6.21 crore have been e-verified. The verification process is mandatory for the processing of refunds.

"Of the e-verified ITRs, more than 2.69 crore ITRs for the A.Y. 2024-2025 have been processed (43.34%) till July 31, 2024," it said.

ITR filings peaked on the last date

The filing of ITRs peaked on July 31, which was the final date set for salaried taxpayers and other non-tax audit case. A total of 69.92 lakh tax returns were filed on the day.

The e-filing portal also observed its highest per hour rate of 5.07 lakh of ITR filing between 07:00 pm to 08:00 pm on July 31, the release said.

The overall jump in ITR filings in AY25 was also a result of the focussed outreach campaigns carried out on social media to encourage the taxpayers to file their tax returns early, the finance ministry noted.

The e-filing helpdesk team also assisted the taxpayers, handling approximately 10.64 lakh queries up to July 31, 2024, it further said.

Those who have missed the ITR filing deadline can still file belated tax returns till December 31, 2024. However, a late-filing fee of ₹1,000 will be imposed for filing returns on annual income of less than ₹5 lakh, and a fee of ₹5,000 will be charged if the annual income exceeds ₹5 lakh.