2024-08-14 23:45:24
New Delhi: The date for filing Income Tax Return (ITR) for the financial year 2023-24 (Assessment Year 2024-25) has passed. During this, the Income Tax Department has released data related to ITR. According to them, this time out of the total ITR, 5.27 crore returns have been filed under the New Tax Regime. At the same time, the number of returns filed in the old tax system is 2.01 crore. Thus, about 72% of the taxpayers have opted for the New Tax Regime. At the same time, 28% remain in the old system. The Income Tax Department said that by the deadline of July 31, a record more than 7.28 crore income tax returns were filed. This is 7.5% more than the previous financial year. Last year 6.77 crore ITRs were filed. For the last four years, the number of return filers has been increasing continuously. On the last day i.e. July 31, more than 69.92 lakh returns were filed. During this period, the e-filing portal successfully handled the huge rush of last minute return filers. This gave taxpayers a seamless experience of filing ITR. This time the number of first time return filers was 58.57 lakh.
The deadline for filing ITR is over, now there will be a flood of income tax notices! Know the reason
Two types of tax system
There are two types of tax systems for filing ITR. The first is the old tax system and the second is the new tax system. The new tax regime was introduced in the budget of 2020-21. Under this system, the benefit of tax exemptions like 80C, 80D etc. is not available, but the tax rates are low in it. On the other hand, in the old system, many types of income tax exemptions are available but the tax rate is high. Also, while filing ITR in the old system, many types of information have to be collected, which sometimes seems quite complicated.
You will get more relief from next time
In the new tax regime, there is no tax on annual income up to Rs 3 lakh. At the same time, more exemptions have been given in the new tax regime in the budget presented this time. In this, the standard deduction has been increased from Rs 50 thousand to Rs 75 thousand. Also, changes have been made in the income tax slab. According to the new changes, now tax will have to be paid at the rate of 5 percent on income from Rs 3 lakh to Rs 7 lakh. Earlier this limit was up to 6 lakhs. Those filing ITR next year (financial year 2024-25) will get the benefit of the new changes.