In a landmark achievement, a total of 7.28 crore Income Tax Returns (ITRs) for the assessment year 2024-25 were filed by the deadline of July 31, 2024. This figure represents a 7.5% increase compared to the 6.77 crore ITRs filed in the previous year, according to a statement from the finance ministry on Friday. Significantly, nearly 72% of taxpayers chose the new tax regime this year.
Surge in ITR Filings
“The taxpayers and tax professionals made their compliances in time, leading to a surge in filing of income tax returns (ITRs), which resulted in a new record of ITRs filed till July 31, 2024. The total number of ITRs for AY 2024-25 filed till July 31, 2024, is more than 7.28 crore, which is 7.5 per cent more than the total ITRs for AY 2023-24 (6.77 crore) filed till July 31, 2023,” the ministry stated.
Shift to New Tax Regime
An increasing number of taxpayers 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. Thus, about 72 per cent of taxpayers have opted for the new tax regime, while 28% continue to be in the old tax regime,” the ministry said.
Peak Filing Statistics
The filing of ITRs peaked on July 31, 2024, with over 69.92 lakh ITRs being filed on the last day. The e-filing portal experienced its highest rate of filing between 7:00 pm to 8:00 pm, with 5.07 lakh ITRs filed per hour. The highest per second rate was 917 filings, recorded at 8:13:54 am on July 31, and the highest per minute rate was 9,367 filings, recorded at 8:08 pm the same day.
First-Time Filers and Tax Base Expansion
The Department received 58.57 lakh ITRs from first-time filers by July 31, 2024, indicating a significant expansion of the tax base.
Early Deployment of ITR Forms
For the first time, ITR forms (ITR-1, ITR-2, ITR-4, ITR-6) were made available on the e-filing portal on the first day of the financial year, April 1, 2024. ITR-3 and ITR-5 were also released earlier than in previous years. Extensive efforts were made to educate taxpayers about the old and new tax regimes, with FAQs and educational videos uploaded on the e-filing portal.
Breakdown of ITR Filings
Out of the 7.28 crore ITRs filed for AY 2024-25:
- 45.77% are ITR-1 (3.34 crore)
- 14.93% are ITR-2 (1.09 crore)
- 12.50% are ITR-3 (91.10 lakh)
- 25.77% are ITR-4 (1.88 crore)
- 1.03% are ITR-5 to ITR-7 (7.48 lakh)
Seamless E-Filing Experience
During the peak filing period, the e-filing portal successfully managed the high traffic, ensuring a seamless experience for taxpayers. On July 31, 2024, alone, there were 3.2 crore successful logins.
This record-breaking number of filings reflects both the efficiency of the e-filing system and the growing compliance among taxpayers, marking a significant milestone in India’s tax administration.
