November 22, 2024 13:13 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
PM Modi bestowed Dominica's highest award at India-CARICOM Summit | 69-year-old Delhi man, a St. Stephen's alumnus, arrested for conning govt officers by posing as ex-IPS | 'Baseless': Adani Group denies US charges of bribery and fraud against Gautam Adani | AAP's first list of candidates for Delhi polls feature six turncoats | PM Modi is incapable to arrest Gautam Adani: Rahul Gandhi after tycoon charged with bribery and fraud in the US
Record 7.28 crore ITRs filed till July 31 for AY 2024-25, 72 percent opt for New Tax Regime
ITR
Photo Courtesy: Unsplash

Record 7.28 crore ITRs filed till July 31 for AY 2024-25, 72 percent opt for New Tax Regime

| @indiablooms | 02 Aug 2024, 06:01 pm

The Income Tax department on Friday said a record Rs. 7.28 crore has been filed till July 31 which is 7.5% more than the total ITRs for AY 2023-24 (6.77 crore) filed till 31st July, 2023.

The department said 5.27 crore have been filed in the New Tax Regime compared to 2.01 crore ITRs filed in the Old Tax Regime.

An increasing number of taxpayers have opted for the New Tax Regime this year.

"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 statement said.

"Thus, about 72% of taxpayers have opted for the New Tax Regime, while 28% continue to be in the Old Tax Regime," the statement further said.

The filing of ITRs peaked on 31st July, 2024 (due date for salaried taxpayers and other non-tax audit cases) with over 69.92 lakh ITRs being filed on a single day i.e. on 31st July, 2024.

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 31.07.2024.

The highest per second rate of ITR filing was 917 (17.07.2024, 08:13:54 am) and highest per minute rate of ITR filing was 9,367 (31.07.2024, 08:08 pm).

The Department also received 58.57 lakh ITRs till 31.07.2024 from first time filers, a fair indication of widening of tax base.

 In a historic first, ITRs (ITR-1, ITR-2, ITR-4, ITR-6) were deployed on the e-filing portal on the first day of the Financial Year ie on 01.04.2024.  

The ITR-3 and ITR-5 were also released earlier in comparison with the preceding financial years.

A lot of  emphasis was provided to educate taxpayers about Old and New tax regimes. FAQs and educational Videos on the same were designed and uploaded on the e-filing portal.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.