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Introduction In a significant development, most of India's personal income taxpayers have transitioned to the new tax regime for the current assessment year. According to the Central Board of Direct Taxes (CBDT), 72% of those who filed their returns by the July 31 deadline opted for the new tax regime, contributing to a record high of almost 7.29 crore Income Tax return filings. Key Statistics and Insights The CBDT reported that out of the 7.28 crore I-T returns filed for Assessment Year 20
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FAQ :
In Assessment Year 2024-25, 72% of taxpayers who filed their returns by the July 31 deadline opted for the new tax regime.
A record high of almost 7.29 crore Income Tax returns were filed for Assessment Year 2024-25.
The new tax regime, introduced in 2020, was made more attractive with changes including fewer tax slabs, an increased tax-free income limit to ₹3 lakh, a higher rebate limit up to ₹7 lakh, and an increased standard deduction to ₹75,000.
Yes, the e-filing portal demonstrated impressive performance, handling a surge in filings. On July 31, over 69.92 lakh ITRs were filed, with high per-second and per-minute filing rates recorded.
Nearly 58.6 lakh Income Tax returns were filed by first-time filers, indicating a widening of the tax base.
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