7.28 Crore ITRs Filed for AY 2024-25 by July 31, 2024: Key Insights
By: Admin|August 02, 2024|Categories: Important News|Income Tax|Press Release
The Income Tax Department has reported a historic achievement, with over 7.28 crore Income Tax Returns (ITRs) filed for the Assessment Year (AY) 2024-25 by July 31, 2024. This impressive figure marks a 7.5% increase from the previous year, where 6.77 crore ITRs were filed by the same date. This surge reflects the commitment of taxpayers and tax professionals to comply with tax regulations in a timely manner.
Key Highlights of ITR Filings
- Total ITRs Filed: As of July 31, 2024, the total ITRs filed stood at 7,28,80,318.
- Preference for New Tax Regime: A significant trend this year has been the increased preference for the New Tax Regime, with 5.27 crore ITRs filed under this scheme. This represents about 72% of the total filings, while 28% opted for the Old Tax Regime, totaling 2.01 crore ITRs.
- Peak Filing Day: The filing peak occurred on July 31, 2024, the deadline for salaried taxpayers and non-tax audit cases, with over 69.92 lakh ITRs filed on this single day alone.
- E-filing Portal Traffic: The e-filing portal showcased its capacity by handling 3.2 crore successful logins on July 31, 2024, and achieving a per-hour filing rate of 5.07 lakh ITRs between 7 PM and 8 PM.
- First-Time Filers: A noteworthy addition is the 58.57 lakh ITRs filed by first-time taxpayers, indicating a broadening tax base.
Historic Firsts and Taxpayer Education
This year marked a significant milestone, as the ITR forms (ITR-1, ITR-2, ITR-4, ITR-6) were made available on the e-filing portal on the very first day of the Financial Year, April 1, 2024. This early availability, coupled with the earlier release of ITR-3 and ITR-5, aimed to streamline the filing process.
To facilitate a smooth filing experience, the Income Tax Department invested in taxpayer education. Various FAQs and educational videos regarding the New and Old tax regimes were uploaded to the e-filing portal. Additionally, focused outreach campaigns were conducted across social media platforms, along with unique creative campaigns to encourage timely filings. Informational content in 12 vernacular languages, in addition to English and Hindi, was disseminated through digital platforms, enhancing taxpayer awareness.
Yearly Comparison of ITR Filings
The following table summarizes ITR filings over the past few assessment years:
| Assessment Year | Due Date | No. of Returns Filed |
|---|---|---|
| 2020-21 | 10/01/2021 | 5,78,45,678 |
| 2021-22 | 31/12/2021 | 5,77,39,682 |
| 2022-23 | 31/07/2022 | 5,82,88,692 |
| 2023-24 | 31/07/2023 | 6,77,42,303 |
| 2024-25 | 31/07/2024 | 7,28,80,318 |
Breakdown of ITR Types Filed
Out of the 7.28 crore ITRs submitted for AY 2024-25, the breakdown by form type is as follows:
- ITR-1: 3.34 crore (45.77%)
- ITR-2: 1.09 crore (14.93%)
- ITR-3: 91.10 lakh (12.50%)
- ITR-4: 1.88 crore (25.77%)
- ITR-5 to ITR-7: 7.48 lakh (1.03%)
Approximately 43.82% of these ITRs were filed using the online utility available on the e-filing portal, with the remainder using offline utilities.
Efficient Handling of E-filing Traffic
The e-filing portal’s performance during peak filing periods was commendable, successfully managing high traffic volumes. On the peak filing day alone, the portal provided a seamless experience, allowing taxpayers to file their returns without significant issues.
E-verification and Processing of ITRs
E-verification plays a crucial role in processing ITRs and issuing refunds. By July 31, 2024, over 6.21 crore ITRs had been e-verified, with 93.56% of these verifications completed via *Aadhaar-based OTP. Additionally, more than *2.69 crore ITRs for AY 2024-25 have already been processed, representing 43.34% of the total filed.
Financial Transactions and Helpdesk Support
In July 2024, the Income Tax Department received over 91.94 lakh challans through the *TIN 2.0 payment system, while the total number of challans filed since April 1, 2024, stands at *1.64 crore for AY 2024-25.
The e-filing Helpdesk team has been instrumental in assisting taxpayers, handling approximately 10.64 lakh queries up to July 31, 2024. The support was provided through various channels, including inbound and outbound calls, live chats, and co-browsing sessions. The helpdesk also managed over 1.07 lakh e-mails during this period, successfully resolving 99.97% of queries.
Appreciation for Tax Professionals and Taxpayers
The Income Tax Department expresses its gratitude to tax professionals and taxpayers for their compliance and timely filing of ITRs. Taxpayers are reminded to verify any unverified ITRs within 30 days of filing to ensure processing and timely refunds. Those who missed the filing deadline are encouraged to complete their filings expeditiously.
Conclusion
The remarkable increase in ITR filings for AY 2024-25 not only highlights the growing compliance culture among taxpayers but also reflects the effectiveness of educational initiatives and outreach programs by the Income Tax Department. As the tax landscape evolves, continuous engagement and support for taxpayers remain paramount in fostering a transparent and efficient tax system.
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