This 12 months, taxpayers and tax professionals have set a brand new report for submitting Earnings-tax Returns (ITRs). By July 31, 2024, over 7.28 crore ITRs have been submitted for the Evaluation 12 months (AY) 2024-25. That’s a 7.5% enhance from the 6.77 crore ITRs filed by the identical date final 12 months. Let’s break down this 12 months’s knowledge and examine it with the previous 5 years.
Report-Breaking Variety of ITRs
This 12 months has seen an enormous rise within the variety of ITRs filed, displaying how taxpayers are getting extra organized and tech-savvy.
Shift to the New Tax Regime
An enormous development this 12 months is the transfer to the New Tax Regime. Out of the 7.28 crore ITRs, 5.27 crore selected this new regime, whereas 2.01 crore went with the Outdated Tax Regime. This implies about 72% of taxpayers at the moment are utilizing the brand new tax construction, with 28% sticking with the outdated one. The New Tax Regime is easier and has fewer tax slabs, which is likely to be why so many individuals are switching.
Busy Submitting Day and E-Submitting Stats
The busiest day was July 31, 2024, the deadline for many taxpayers. On this present day alone, over 69.92 lakh ITRs have been filed. The e-filing portal was extraordinarily busy, with the very best visitors between 7:00 PM and eight:00 PM, dealing with 5.07 lakh submissions in that hour. The height submitting charge was 917 per second on July 17, 2024, at 8:13:54 AM, and 9,367 per minute on July 31, 2024, at 8:08 PM.
Development in First-Time Filers
This 12 months additionally noticed a big variety of first-time filers, with 58.57 lakh ITRs submitted by individuals submitting for the primary time. Right here’s how the filings break down for AY 2024-25:
- 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%)
About 43.82% of those returns have been filed on-line by way of the e-filing portal. Regardless of the excessive quantity, the portal dealt with all the pieces effectively, with 3.2 crore profitable logins on the deadline day.
E-Verification and Refunds
E-verification is a crucial step for processing ITRs and issuing refunds. As of July 31, 2024, over 6.21 crore ITRs have been e-verified, with greater than 5.81 crore (93.56%) utilizing Aadhaar-based OTPs. Processing has already began for over 2.69 crore ITRs (43.34%) for AY 2024-25. Additionally, 91.94 lakh challans have been processed in July 2024 by way of the TIN 2.0 fee system, making a complete of 1.64 crore challans since April 1, 2024.
Help and Helpdesk
The e-filing Helpdesk crew has been busy answering 10.64 lakh queries from taxpayers as much as July 31, 2024. They offered assist by way of calls, reside chats, WebEx periods, and co-browsing. In addition they managed queries on X (previously Twitter) and solved over 1.07 lakh emails, with a decision charge of 99.97%.
Conclusion
This 12 months’s report variety of ITRs exhibits how environment friendly and adaptable each taxpayers and the e-filing system have turn into. The rise in filings and the graceful dealing with of the excessive quantity are nice indicators of progress in tax compliance and digital integration.
This 12 months, taxpayers and tax professionals have set a brand new report for submitting Earnings-tax Returns (ITRs). By July 31, 2024, over 7.28 crore ITRs have been submitted for the Evaluation 12 months (AY) 2024-25. That’s a 7.5% enhance from the 6.77 crore ITRs filed by the identical date final 12 months. Let’s break down this 12 months’s knowledge and examine it with the previous 5 years.
Report-Breaking Variety of ITRs
This 12 months has seen an enormous rise within the variety of ITRs filed, displaying how taxpayers are getting extra organized and tech-savvy.
Shift to the New Tax Regime
An enormous development this 12 months is the transfer to the New Tax Regime. Out of the 7.28 crore ITRs, 5.27 crore selected this new regime, whereas 2.01 crore went with the Outdated Tax Regime. This implies about 72% of taxpayers at the moment are utilizing the brand new tax construction, with 28% sticking with the outdated one. The New Tax Regime is easier and has fewer tax slabs, which is likely to be why so many individuals are switching.
Busy Submitting Day and E-Submitting Stats
The busiest day was July 31, 2024, the deadline for many taxpayers. On this present day alone, over 69.92 lakh ITRs have been filed. The e-filing portal was extraordinarily busy, with the very best visitors between 7:00 PM and eight:00 PM, dealing with 5.07 lakh submissions in that hour. The height submitting charge was 917 per second on July 17, 2024, at 8:13:54 AM, and 9,367 per minute on July 31, 2024, at 8:08 PM.
Development in First-Time Filers
This 12 months additionally noticed a big variety of first-time filers, with 58.57 lakh ITRs submitted by individuals submitting for the primary time. Right here’s how the filings break down for AY 2024-25:
- 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%)
About 43.82% of those returns have been filed on-line by way of the e-filing portal. Regardless of the excessive quantity, the portal dealt with all the pieces effectively, with 3.2 crore profitable logins on the deadline day.
E-Verification and Refunds
E-verification is a crucial step for processing ITRs and issuing refunds. As of July 31, 2024, over 6.21 crore ITRs have been e-verified, with greater than 5.81 crore (93.56%) utilizing Aadhaar-based OTPs. Processing has already began for over 2.69 crore ITRs (43.34%) for AY 2024-25. Additionally, 91.94 lakh challans have been processed in July 2024 by way of the TIN 2.0 fee system, making a complete of 1.64 crore challans since April 1, 2024.
Help and Helpdesk
The e-filing Helpdesk crew has been busy answering 10.64 lakh queries from taxpayers as much as July 31, 2024. They offered assist by way of calls, reside chats, WebEx periods, and co-browsing. In addition they managed queries on X (previously Twitter) and solved over 1.07 lakh emails, with a decision charge of 99.97%.
Conclusion
This 12 months’s report variety of ITRs exhibits how environment friendly and adaptable each taxpayers and the e-filing system have turn into. The rise in filings and the graceful dealing with of the excessive quantity are nice indicators of progress in tax compliance and digital integration.
