Income Tax Department Celebrates Record Surge in ITR Filing
The Income Tax Department has seen a record surge in ITR filing, with over 7.28 crore returns filed till July 31st, 2024. The department attributes this to increased participation of first-time filers and availability of various forms.
Fri, 02 Aug 2024
The Income Tax Department has expressed its appreciation for taxpayers and tax professionals who have shown timely compliance, resulting in a record surge in the filing of Income Tax Returns (ITRs) for Assessment Year 2024-25. According to the latest figures, over 7.28 crore ITRs have been filed till July 31st, 2024, marking a significant increase of 7.5% from the previous year's corresponding period.
The data also reveals that around 72% of taxpayers opted for the New Tax Regime, with over 5.27 crore ITRs filed under it. This is in contrast to the Old Tax Regime, which saw only 2.01 crore filings. The highest hourly filing rate was recorded on July 31st, 2024, with over 69.92 lakh ITRs filed between 7:00 pm and 8:00 pm.
The Income Tax Department appreciates taxpayers & tax professionals for timely compliance, resulting in a record surge in the filing of Income Tax Returns (ITRs).
— Income Tax India (@IncomeTaxIndia) August 2, 2024
Here are the key highlights:
👉More than 7.28 crore ITRs for AY 2024-25 filed till 31st July, 2024, a 7.5% increase… pic.twitter.com/CzbgZEMUWi
The surge in ITR filing is also attributed to the increased participation of first-time filers, with around 58.57 lakh returns received from new taxpayers. The availability of various forms, including ITR-1, ITR-2, ITR-4, and ITR-6 from April 1st, 2024, has also contributed to the higher filing rate.
The Income Tax Department's e-filing Helpdesk team has handled over 10.64 lakh queries, providing resolution through ORM (Online Resolution Module) on X, which has resolved 99.97% of the issues raised by taxpayers between April 1st and July 31st, 2024.
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