Record 7.28 crore income-tax returns filed; 72% opt for new regime

Interestingly, over 43.82 percent of these ITRs have been filed using the online ITR utility available on the e-filing portal and the balance have been filed using offline ITR utilities.

A record 7.28 crore income tax returns (ITRs) were filed by the July 31 deadline, with more than 70 percent of the filers opting for the new regime, the income-tax department said on August 2.

More than 43.82 percent of the returns were filed using the online ITR utility available on the e-filing portal and the remaining through offline ITR utilities.

According to the I-T department, total ITRs for the assessment year 2024-25 were 7.5 percent higher from the previous year. As many as 72 percent, or 5.27 crore, filers opted for the new regime.

"Out of the total ITRs of 7.28 crore filed for AY 2024-25, 5.27 crore have been filed in the new tax regime compared to 2.01 crore ITRs filed in the old tax regime,” the tax department said in a statement.

The last day of the deadline for salaried taxpayers and non-tax audit cases saw the highest number of ITRs being filed on a single day at 69.93 lakh. Indicating the widening of the tax base, over 58.57 lakh individuals filed their returns for the first time, the department said.

Out of all the tax forms, over 45 percent of the taxpayers filed their taxes under ITR-1, 14.93 percent under ITR-2 (1.09 crore), 12.5 percent ITR-3 (91.1 lakh), 25.77 percent ITR-4 (1.88 crore) and 1.03 percent ITR-5 to ITR-7 (7.48 lakh).

Revenue secretary Sanjay Malhotra on July 30 had said the new regime aims to simplify the tax process and reduce compliance burdens. A comprehensive review of tax laws was underway, with a draft expected to be released for public suggestions, he said.