New record of over 7.28 crore I-T returns filed, says tax dept

'Out of total ITRS of 7.28 crore filed for AY25, 5.27 crore have been filed in new tax regime compared to 2.01 crore ITRS filed in old tax regime'

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Income tax returns (ITRs) touched a new record of over 7.28 crore, 7.5 per cent higher compared to previous fiscal, by the July 31 deadline, the income tax department said on Friday.

The total number of ITRs for assessment year 2024-25 filed till July 31, 2024 is more than 7.28 crore, which is 7.5 per cent higher than the total ITRs for AY 2023-24 (6.77 crore) filed till July 31, 2023, the department said in a statement.

"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," it said.

Thus, about 72 per cent of taxpayers have opted for the new tax regime, while 28 per cent continue to be in the old tax regime.

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

The received 58.57 lakh ITRs from department also first-time filers, a fair indication of the widening of the 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 i.e. on April 1, 2024.