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New Delhi: ITR filing last date: Tax professionals and taxpayers timely completed their compliances, which sparked a wave of income-tax return (ITR) filings that produced a new record of ITRs filed through July 31, 2024. Over 7.28 crore ITRs for the fiscal year 2024–25 have been filed as of July 31, 2024, which is 7.5% more than the 6.77 crore ITRs for the fiscal year 2023–24 that had been filed as of the same date, July 31.
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This year, an increasing number of taxpayers have chosen the New Tax Regime. 5.27 crore of the 7.28 crore ITRs filed for AY 2024–2025 have been filed under the New Tax Regime, whereas 2.01 crore have been filed under the Old Tax Regime.
As a result, roughly 72% of taxpayers have chosen to use the New Tax Regime, with the remaining 28% remaining in the Old Tax Regime.
On July 31, 2024, the deadline for reporting ITRs for salaried taxpayers and other non-tax audit cases, reached its pinnacle when over 69.92 lakh ITRs were filed in a single day. The e-filing system also recorded 5.07 lakh ITR filings per hour between 7:00 and 8:00 on July 31, 2024, which was its highest rate to date.
he highest ITR filing rate per minute was 9,367 (31.07.2024, 08:08 pm), and the highest per second rate was 917 (17.07.2024, 08:13:54 am).
Additionally, till July 31, 2024, the Department received 58.57 lakh ITRs from first-time filers, which is a good sign that the tax base is expanding.
On April 1, 2024, the first day of the Financial Year, ITRs (ITR-1, ITR-2, ITR-4, and ITR-6) were made available on the e-filing portal. When compared to the previous fiscal years, the ITR-3 and ITR-5 were also released earlier. Educating taxpayers on the Old and New tax regimes was given a lot of focus on the e-filing portal.
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ITR filing last date: Record 7.28 crore ITRs filed for AY 2024-25, 5.27 crore in new Tax Regime