ITR Filing 2024: 7.28 Cr ITRs Filed Till July 31; How Many Taxpayers Chose New Tax Regime? Check | Personal Finance News

The Income Tax Department has meanwhile urged taxpayers, who missed filing their ITR within the due date for any reason, to complete their filing expeditiously.

An increasing number of taxpayers have 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% of taxpayers have opted for the New Tax Regime, while 28% continue to be in the Old Tax Regime, said the ministry release.

The filing of ITRs peaked on 31st July, 2024 (due date for salaried taxpayers and other non-tax audit cases) with over 69.92 lakh ITRs being filed on a single day i.e. on 31st July, 2024. The e-filing portal also observed its highest per hour rate of 5.07 lakh of ITR filing between 07:00 pm to 08:00 pm on 31.07.2024. The highest per second rate of ITR filing was 917 (17.07.2024, 08:13:54 am) and highest per minute rate of ITR filing was 9,367 (31.07.2024, 08:08 pm).

The Department also received 58.57 lakh ITRs till 31.07.2024 from first time filers, 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 ie on 01.04.2024.  The ITR-3 and ITR-5 were also released earlier in comparison with the preceding financial years. A lot of   emphasis was provided to educate taxpayers about Old and New tax regimes. FAQs and educational Videos on the same were designed and uploaded on the e-filing portal. 

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.