New regime: Over 7.28 crore income tax returns (ITRs) were filed by the July 31 deadline for the assessment year (AY) 2024–25, according to the Income Tax Department, setting a new record.
The tax authority reported that this is a 7.5% increase over the 6.77 crore ITRs filed by July 31, 2023, the total for the previous year.
More taxpayers accept the new tax regime
The move to the New Tax Regime is a significant theme for this year. 5.27 crore of the 7.28 crore ITRs filed were under the New Tax Regime, making up almost 72% of all submissions. On the other hand, 28% of ITRs, or 2.01 crore, were filed under the Old Tax Regime. It should be mentioned that over 69.92 lakh ITRs were filed in a single day on July 31, the deadline for salaried taxpayers and non-tax audit cases.
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The e-filing platform saw its highest rate of 5.07 lakh ITRs filed, and it saw a record-breaking pace of 9,367 ITRs filed per minute. Furthermore, on July 17, 917 ITRs were reported as the greatest rate per second. With 58.57 lakh new ITRs filed before the deadline, the Department also observed a sizable number of first-time filers, suggesting a growing tax base.
The Department made instructional resources available on the e-filing platform, such as FAQs and videos, to help taxpayers comprehend the distinctions between the Old and New Tax Regimes. Early submissions were further encouraged by outreach programs conducted in 12 vernacular languages and on a variety of venues, including social media.
ITR filing statistics for AY2024–25
Of the 7.28 crore ITRs that were filed, ITR-1 accounted for 45.77% (3.34 crore), ITR-2 (1.09 crore), ITR-3 (91.10 lakh) for 12.50%, ITR-4 (1.88 crore) for 25.77%, and ITR-5 to ITR-7 (7.48 lakh) for 1.03%. Remarkably, 43.82% of these submissions were completed via the online ITR tool, while offline tools were used for the remaining filings.The e-filing system handled the high volume of traffic with efficiency and provided a flawless experience.
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There were 3.2 crore successful logins on July 31 alone. Over 6.21 crore ITRs were e-verified by the deadline, with 93.56% of those e-verified using Aadhaar-based OTP. The e-verification process is essential for starting ITR processing and paying refunds.
ITR processing update
Over 2.69 crore ITRs for AY 2024–25 had been processed as of July 31, accounting for 43.34% of e-verified returns. 1.64 crore challans have been filed since April 1, 2024, with 91.94 lakh challans registered in July 2024 alone according to the TIN 2.0 payment system. Up until July 31, the e-filing Helpdesk assisted taxpayers with their queries, processing almost 10.64 lakh cases. Through phone calls, WebEx sessions, live chats, and co-browsing sessions, the team assisted with over 1.07 lakh email queries with a success rate of 99.97%.
The Department expresses its gratitude to tax professionals and taxpayers for their support in compliances in filing of ITRs and Forms. Taxpayers are also requested to verify their unverified ITRs if any, within 30 days of filing the ITR.
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