The deadline for Income-Tax Returns (ITRs) has come and gone, and the numbers are in—2024 has set a new record for tax filings. By July 31, 2024, a remarkable 7.28 crore ITRs had been filed, marking a 7.5% increase from the previous year’s total of 6.77 crore. This surge is not just a reflection of more diligent tax compliance but also an indication of a significant shift in taxpayer preferences towards the New Tax Regime.
Types of Returns Filed for AY 2024-25
| ITR Type | Number of Returns Filed | Percentage of Total Returns |
|---|---|---|
| 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% |
Filing Statistics Year-Wise
| Assessment Year (AY) | Due Date | Number 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 |
The New Tax Regime: A Growing Preference
One of the standout features of this year’s tax filing season is the overwhelming shift towards the New Tax Regime. Out of the 7.28 crore ITRs filed for AY 2024-25, a staggering 5.27 crore—about 72%—were submitted under the New Tax Regime. In comparison, only 2.01 crore ITRs opted for the Old Tax Regime. This trend underscores the New Tax Regime’s growing appeal, thanks to its simplified tax structure and lower tax rates. Thereby in the debate of old vs new tax regime, new tax regime seems to have taken a lead.
A Historic Filing Day
The filing frenzy reached its zenith on July 31, 2024, with over 69.92 lakh ITRs submitted on this single day alone. The e-filing portal experienced its highest per-hour rate of ITR submissions between 7:00 PM and 8:00 PM, with an impressive 5.07 lakh filings. The portal also recorded the highest per-second rate of 917 ITR filings on July 17, 2024, at 8:13:54 AM, and the highest per-minute rate of 9,367 filings on July 31, 2024, at 8:08 PM.
A Broader Tax Base
This year’s tax filing also saw a notable increase in first-time filers. By the end of July 2024, 58.57 lakh new taxpayers had joined the fold, signaling a broader tax base and increased financial inclusion.
Enhanced Filing Experience
The tax authorities have made strides in making the filing process as smooth as possible. For the first time, ITRs (ITR-1, ITR-2, ITR-4, ITR-6) were available on the e-filing portal from the very first day of the financial year, April 1, 2024. Additionally, ITR-3 and ITR-5 were released earlier than in previous years. To support taxpayers in navigating the Old and New Tax Regimes, extensive educational resources were made available, including FAQs, instructional videos in multiple languages, and targeted outreach campaigns on social media.
Technological Advancements and Support
The e-filing portal successfully handled the massive influx of filings during the peak period. On July 31, 2024, it managed 3.2 crore successful logins. The portal also saw 43.82% of ITRs filed online using the portal’s utilities, while the remaining were filed offline.
The e-verification process, crucial for processing ITRs and issuing refunds, saw over 6.21 crore ITRs e-verified, with Aadhaar-based OTPs accounting for 93.56% of these verifications. Additionally, more than 2.69 crore ITRs for AY 2024-25 were processed by the end of July.