look news india
New Delhi, August 02 (HS). A record 7.28 crore income tax returns (ITRs) were filed by July 31, the deadline set for the assessment year 2024-25. Of these, 5.27 crore ITRs were filed under the new tax system. On July 31, more than 69.92 lakh returns were filed in a single day, while 58.57 lakh taxpayers filed income tax returns for the first time.
In a statement issued on Friday, the Finance Ministry said that a record number of 7.28 crore ITRs have been filed for the assessment year 2024-25, which is a new record for income tax returns. Last year 6.77 crore ITRs were filed. Out of a total of 7.28 crore ITRs, 5.27 crore returns have been filed under the new tax system. The number of returns filed under the old tax system is 2.01 crore. On July 31, the last day of the deadline, more than 69.92 lakh taxpayers filed returns. The number of first-time ITR filers was 58.57 lakh, which is a good sign of expansion of the tax base.
The Finance Ministry said that taxpayers and tax professionals made their compliances on time, leading to a spurt in filing of Income Tax Returns (ITRs) and a new record of ITR filing. This is 7.5 per cent more than the total 6.77 crore ITRs filed for the assessment year 2023-24 till July 31, 2023.
