2024-08-08 10:39:50
New Delhi: The deadline for filing ITR for assessment year 2024-25 ended on July 31st, with the Income Tax Department witnessing a record-breaking number of filings. By the deadline, 7.28 crore ITRs had been filed, representing a 7.5% increase from the previous year. Notably, the number of taxpayers opting for the new tax regime saw a significant surge, with 5.27 crore taxpayers choosing it compared to 2.01 crore under the old system. This translates to 72% of taxpayers opting for the new regime and 28% sticking to the old system.
The department recorded the highest number of filings on the last day, with 69.92 lakh ITRs submitted. The peak hour for filings occurred between 7pm and 8pm, when 5.07 lakh ITRs were filed. The maximum number of ITRs filed per second was 917 on July 17 at 8:13:54 am, while the highest number filed per minute was 9,367 on July 31 at 8:08 pm.
The deadline has passed, but brace yourselves for income tax notices. Learn the reason behind this surge in filings.
Historical Beginnings
The department introduced ITR-1, ITR-2, ITR-4, and ITR-6 on the e-filing portal on the first day of the financial year for the first time in the country’s history. Additionally, ITR-3 and ITR-5 were released earlier than usual.
Of the ITRs filed until July 31st, 45.77% were ITR-1, 14.93% were ITR-2, 12.50% were ITR-3, 25.77% were ITR-4, and 1.03% were ITR-5, ITR-6, and ITR-7. 43.82% of the filings were done through the online ITR utility available on the e-filing portal.