72% of taxpayers opt for New Tax Regime while filing ITR for AY 2024-25

Representational Image. File Pic

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 while the remaining 2.01 crore ITRs are filed in the Old Tax Regime. Thus, about 72% of taxpayers have opted for the New Tax Regime, while 28% continue to be in the Old Tax Regime.

Additionally, the total number of ITRs for AY 2024-25 filed till July 31 is 7.5 per cent more than the total ITRs filed in the previous AY. For AY 2023-24, 6.77 crore ITRs were filed which went up to 7.28 crore in AY 2024-25.

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 the last date," said the Ministry of Finance in an official statement.

As per the official statement, July 31 saw the highest numbers of ITRs filed in a single day with 69.92 lakh ITRs being filed. The e-filing portal also observed its highest per hour rate of 5.07 lakh of ITR filing between 7pm and 8pm on July 31.

58.57 lakh ITRS were filed by first time filers, said the statement adding that it was a fair indication of widening of 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. April 1. The ITR-3 and ITR-5 were also released earlier in comparison with the preceding financial years.

Out of the 7.28 crore ITRs filed for A.Y. 2024-25, 45.77% of ITRs 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) and 1.03% are ITR-5 to ITR-7 (7.48 lakh). Over 43.82% 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.