India Hits A Record 7.28 Crore ITR Filed For AY 2024-25: Here Are The Surging Tax Trends!

The Ministry of Finance has reported a record number of income tax returns (ITRs) filed for the assessment year 2024-25. By July 31, 2024, a total of 7.28 crore ITRs were submitted, marking a 7.5% increase from the previous year.

Of these, 5.27 crore were under the new tax regime, while 2.01 crore were under the old regime.

The peak day for filing was July 31, with over 69.92 lakh ITRs filed on that day alone. The e-filing portal saw its highest rate of activity between 7:00 pm and 8:00 pm, with 5.07 lakh ITRs filed per hour during this period, as reported by PIB.

Tax Regime Preferences

Among the total filings, 72% of taxpayers opted for the new tax regime, whereas 28% stuck with the old one. This indicates a significant shift towards the new system among taxpayers.

The Department received an impressive number of first-time filers, totalling 58.57 lakh ITRs. This suggests an expanding tax base and increased taxpayer participation.

Breakdown of ITR Types

Out of all ITRs filed, different forms were used as follows: ITR-1 accounted for 45.77%, ITR-2 for 14.93%, ITR-3 for 12.50%, ITR-4 for 25.77%, and ITR-5 to ITR-7 made up the remaining 1.03%. Additionally, over 43.82% of these returns were filed using the online utility on the e-filing portal.

The e-filing portal managed to handle substantial traffic efficiently during peak times, recording 3.2 crore successful logins on July 31 alone.

E-verification and Processing

More than 6.21 crore ITRs have been e-verified so far, with over 5.81 crore verified through Aadhaar-based OTPs. Out of these e-verified returns, more than 2.69 crore have already been processed.

The Helpdesk team has addressed around 10.64 lakh queries from taxpayers via calls, live chats, and webinars, also resolving issues raised on social media platforms like Twitter, as per PIB reports.

Educational Initiatives

To assist taxpayers in understanding both tax regimes, the Department provided FAQs and educational videos on its portal and conducted outreach campaigns across various platforms in multiple languages.

The Ministry expressed gratitude to tax professionals and taxpayers for their compliance in filing returns and urged those who missed the deadline to file their returns promptly.