Record-breaking surge in ITR filings for AY 2024-25

The Income Tax Department has announced a historic achievement in tax compliance with a record 7.28 crore Income Tax Returns (ITRs) filed for the Assessment Year (AY) 2024-25 by 31st July 2024. This marks a 7.5% increase compared to the 6.77 crore ITRs filed by the same date for AY 2023-24.

A significant shift in taxpayer preference is evident, with 5.27 crore ITRs filed under the New Tax Regime, representing approximately 72% of total filings. This contrasts sharply with 2.01 crore ITRs filed under the Old Tax Regime. The peak filing day, 31st July 2024, saw an unprecedented 69.92 lakh ITRs submitted in a single day, with the e-filing portal registering a peak hourly rate of 5.07 lakh ITRs between 7:00 pm and 8:00 pm.

The Department has noted a substantial increase in first-time filers, with 58.57 lakh new taxpayers joining the fold. Efforts to streamline the filing process included early deployment of ITR forms and comprehensive outreach campaigns, including educational videos in multiple languages and targeted social media initiatives.

The e-filing portal efficiently managed the surge in traffic, with 3.2 crore successful logins on the peak filing day alone. Additionally, over 6.21 crore ITRs have been e-verified, with Aadhaar-based OTPs used for more than 93% of these verifications.