Record 7.28 Crore ITRs Filed, New Tax Regime Leads

2 Aug 2024 , 04:35 PM

A total of 7.28 crore income tax returns for assessment year 2024-25 were filed by the deadline of July 31, with 72% filing under the New Tax Regime and 28% under the Old Tax Regime. The government has been encouraging individual taxpayers to switch to the New Tax Regime by offering lower tax slabs and higher standard deductions. However, many taxpayers have continued with the old regime, which provides tax reliefs on several counts, such as insurance policies and interest on housing loans.

The returns under the New Tax Regime totaled 5.27 crore, while the figure for the Old Tax Regime was 2.01 crore, the finance ministry said in a release. The total returns filed hit a fresh record high, with 58.57 lakh ITRs from first-time filers, which the government said indicates a widening of the tax base.

Over 69.92 lakh ITRs were uploaded on a single day, July 31, 2024. The government also said that over 6.21 crore ITRs have been e-verified, with a significant majority (5.81 crore) verified through Aadhaar-based OTP.