Summary:

The income tax department reported 72.8 million ITRs submitted for the fiscal year 2024-25 by July 31, with 52.7 million under the new tax system and 20.1 million under the previous regime. Last year, 67.7 million returns were filed in the same time frame. The new tax system, now the default, enables people without company income to select the most advantageous regime each year. Budget 2024 includes improvements benefiting the salaried class. The government did not extend the July 31 deadline, and late returns carry fines of up to $59.71.

ITR filings peaked on July 31, 2024, with over 699,200 filed in one day. The platform peaked at 917 filings per second on July 17 and 9,367 filings per minute on July 31. Key ITR forms were accessible from April 1, 2024. On July 31, there were 32 million successful logins, with over 62.1 million e-verified ITRs and 93.56% utilizing Aadhaar-based OTPs. The TIN 2.0 payment system processed 919,400 challans in July. The e-filing Helpdesk handled 1.064 million inquiries. Social media outreach programs urged people to file early.

Source: IBEF 

Disclaimer:The information on this website comes from the India Brand Equity Foundation (IBEF), a reliable source for thorough insights into numerous areas of the Indian economy. While we aim to offer accurate and up-to-date information, the views, opinions, and analyses stated herein are solely those of the authors and contributors and do not necessarily represent IBEF's official stance or position. Readers should check information from credible sources and use their own discretion when relying on content provided on this site. We assume no responsibility or liability for the material supplied, including its accuracy, completeness, and usefulness.