New Delhi: In an impressive demonstration of compliance and efficiency, taxpayers and tax professionals have achieved a new record for the filing of Income-tax Returns (ITRs) for Assessment Year (AY) 2024-25. By the deadline of July 31, 2024, a total of more than 7.28 crore ITRs were filed, marking a 7.5% increase from the 6.77 crore ITRs filed by the same date last year for AY 2023-24.
A significant trend this year is the surge in taxpayers opting for the New Tax Regime. Out of the 7.28 crore ITRs filed, 5.27 crore were under the New Tax Regime, compared to 2.01 crore under the Old Tax Regime. This shift indicates that about 72% of taxpayers chose the New Tax Regime, while 28% stuck with the Old Tax Regime.
The peak filing period on July 31, 2024, saw an extraordinary number of filings, with over 69.92 lakh ITRs submitted in a single day. The e-filing portal recorded its highest hourly rate of 5.07 lakh ITRs between 7:00 PM and 8:00 PM on July 31, and the highest per second rate of 917 filings at 8:13:54 AM on July 17. The highest per minute rate was 9,367 ITRs at 8:08 PM on July 31.
First-time filers also contributed significantly, with 58.57 lakh ITRs submitted by new taxpayers, indicating a broadening tax base.
In a historic move, the Department deployed ITR forms (ITR-1, ITR-2, ITR-4, ITR-6) on the e-filing portal on April 1, 2024, the first day of the financial year. ITR-3 and ITR-5 were released earlier than in previous years. To educate taxpayers about the Old and New tax regimes, the Department created FAQs and educational videos, which were made available on the e-filing portal.
Focused outreach campaigns on social media encouraged early filing, supported by unique creative campaigns across various platforms. Informational videos in 12 vernacular languages, in addition to English and Hindi, were distributed on digital platforms, along with outdoor campaigns. These efforts led to a successful increase in the number of filings.
The breakdown of the 7.28 crore ITRs filed for AY 2024-25 is as follows: ITR-1 (3.34 crore or 45.77%), ITR-2 (1.09 crore or 14.93%), ITR-3 (91.10 lakh or 12.50%), ITR-4 (1.88 crore or 25.77%), and ITR-5 to ITR-7 (7.48 lakh or 1.03%). Additionally, 43.82% of these ITRs were filed using the online ITR utility available on the e-filing portal, with the remaining filed using offline utilities.
The e-filing portal successfully managed the high traffic during the peak filing period, ensuring a seamless experience for taxpayers. On July 31, 2024, alone, there were 3.2 crore successful logins.
E-verification is crucial for processing ITRs and issuing refunds. Over 6.21 crore ITRs have been e-verified, with more than 5.81 crore (93.56%) through Aadhaar-based OTP. Out of these e-verified ITRs, more than 2.69 crore (43.34%) for AY 2024-25 have been processed by July 31, 2024. Furthermore, over 91.94 lakh challans were received through the TIN 2.0 payment system in July 2024, with a total of 1.64 crore challans filed since April 1, 2024.
The e-filing Helpdesk team handled approximately 10.64 lakh queries from taxpayers up to July 31, 2024, providing proactive support during the peak filing period. The team also managed over 1.07 lakh emails between April 1 and July 31, 2024, resolving 99.97% of queries.
The Department extends its gratitude to tax professionals and taxpayers for their compliance and timely filing of ITRs and forms. Taxpayers are reminded to verify any unverified ITRs within 30 days of filing. Those who missed the filing deadline are urged to complete their filings promptly.