Income Tax Season 2024 | Record 7.3 crore ITRs filed till July 31 deadline; more than two-thirds filed under new tax regime
Income Tax Season: The Income Tax Department has released some interesting data on the 2024 income tax season, with record 69.9 lakh ITRs filed on July 31 - the last date to file the income tax return for AY25 without penalty.
A surge was recorded in the filing of income tax returns (ITRs) this year with an unprecedented 7.3 crore returns filed for the assessment year 2024-25 till July 31, marking an increase of 7.5 per cent over the total 6.8 crore returns filed for the corresponding period a year ago, according to official data shared by the Income Tax Department. Out of the total filings for Financial Year 2023-24 (Assessment Year 2024-25), as many as 5.3 crore ITRs were filed under the new tax regime.
Here are some other interesting statistics from the taxman:
INCOME TAX SEASON | 2 crore ITRs filed in old tax regime
Out of the total ITRs filed, 5.27 crore were in the new tax regime while the remaining two crore were in the old tax regime.
INCOME TAX SEASON | ITR filing activity peaked on July 31
On July 31, the last date to file ITRs for AY25 without penalty (applicable to salaried taxpayers and other non-tax audit cases), an unprecedented 69.9 lakh ITRs were recorded.
INCOME TAX SEASON | Surge in activity on I-T portal
Between 7 pm and 8 pm on that day, the pace of ITR filing on the taxman's e-filing portal reached a record 5.07 lakh.
INCOME TAX SEASON | Surge in I-T portal activity
A milestone of record 917 ITRs per second was recorded at 8:13 am on July 17.
Also, an unprecedented 9,367 ITRs were recorded in a minute at 8:08 on July 31.
INCOME TAX SEASON | The ever-growing first-time filers base...
ITRs by first-time filers were recorded at 58.6 lakh till July 31.
INCOME TAX SEASON | From ITR-1 to ITR-7, take a look at the form-wise breakup
Out of the 7.3 crore ITRs filed for AY25 (FY24), 45.8% were using Form ITR-1 (3.3 crore), 14.9% using Form ITR-2 (1.1 crore) and 12.5% using Form ITR-3 (91.1 lakh).
"Over 43.8% of these ITRs have been filed using the online ITR utility available on the e-filing portal and the balance have been filed using offline ITR utilities," according to the I-T department.
INCOME TAX SEASON | More than 6.2 crore ITRs e-verified
Out of the total number, more than 5.8 crore ITRs (93.56%) were e-verified through the Aadhaar based-OTP method.