The last date to file an Income Tax Return was July 31. Now, the department is processing Income Tax refunds to the taxpayers.

The Income Tax Department has released an update on the processing of Income Tax Returns (ITRs) for the assessment year 2024- 25. As of July 31, 2024, over 6.21 crore ITRs have been e-verified. Out of these, more than 5.81 crore were verified using Aadhaar-based OTP.

How Many ITRs Have Been Processed?

The department reported that more than 2.69 crore ITRs for the current assessment year had been processed, which is about 43.34 per cent of the total filed returns.

How Many ITRs Have Been Filed?

A record 7.28 crore ITRs were filed by the July 31 deadline, reflecting a 7.5 per cent increase from the previous year.

What Are Key Highlights of Income Tax Return Filed This AY?

New Tax Regime Popularity

A significant number of taxpayers have chosen the New Tax Regime, with 5.27 crore ITRs filed under this system, compared to 2.01 crore under the Old Tax Regime.

First-Time Filers

There has been a notable increase in first-time filers, with 58.57 lakh new ITRs submitted by the deadline.

ITR Forms and Support

The early release of ITR forms and proactive educational campaigns have helped boost the number of filings. Additionally, the Department’s helpdesk has managed over 10.64 lakh queries, offering timely assistance to taxpayers.

Belated ITR

For those who missed the July 31 deadline, the Income Tax Department advises filing your returns as soon as possible to avoid any penalties.

-Navneet Shukla