“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,” the tax department said in a statemen
NEW DELHI: A new record of over 7.28 crore income tax returns were filed by the July 31 deadline, the income tax department said on Friday.
The income tax returns (ITRs) filed for the assessment year 2024-25 compares to 6.77 crore filed last year, it added.
“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,” the tax department said in a statement.
The filing of ITRs peaked on July 31, 2024 (the due date for salaried taxpayers and other non-tax audit cases), with over 69.92 lakh ITRs being filed on a single day.
The Budget 2024 has revised the tax slabs in the New Regime, providing taxpayers with an extra opportunity to save Rs. 17,500 in taxes. Additionally, the standard deduction has been raised to Rs. 75,000 under this regime and the family pension deduction has been increased to Rs. 25,000 from Rs. 15,000. This is applicable for the FY 2024-25.
The department also received 58.57 lakh ITRs from first-time filers, a fair indication of the widening of the tax base.