This yr, 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 Yr (AY) 2024-25. That’s a 7.5% enhance from the 6.77 crore ITRs filed by the identical date final yr. Let’s break down this yr’s information and evaluate it with the previous 5 years.
Report-Breaking Variety of ITRs
This yr has seen an enormous rise within the variety of ITRs filed, exhibiting how taxpayers are getting extra organized and tech-savvy.
Shift to the New Tax Regime
An enormous pattern this yr 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 Out of the 7.28 crore ITRs, 5.27 crore selected this new regime, whereas 2.01 crore went with the Outdated Tax Regime.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 previous one. The New Tax Regime is less complicated and has fewer tax slabs, which is perhaps 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 at the present time alone, over 69.92 lakh ITRs have been filed. The e-filing portal was extraordinarily busy, with the best site visitors between 7:00 PM and eight:00 PM, dealing with 5.07 lakh submissions in that hour. The height submitting price 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 yr additionally noticed a major variety of first-time filers, with 58.57 lakh ITRs submitted by folks 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 via the e-filing portal. Regardless of the excessive quantity, the portal dealt with the whole lot nicely, 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 via 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 workforce has been busy answering 10.64 lakh queries from taxpayers as much as July 31, 2024. They offered assist via 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 price of 99.97%.
Conclusion
This yr’s report variety of ITRs reveals how environment friendly and adaptable each taxpayers and the e-filing system have grow to be. The rise in filings and the graceful dealing with of the excessive quantity are nice indicators of progress in tax compliance and digital integration.
