Quick Summary
In a significant milestone, more than 8 crore income tax returns (ITRs) have been filed for the assessment year (AY) 2024-25, reflecting a robust filing season. Of these, 74% of taxpayers have chosen the new income tax regime, a shift largely attributed to its simplified structure. Majority Opt for New Tax Regime According to sources, over 5.92 crore of the 8 crore ITRs have been filed under the new tax regime, which became the default option for taxpayers starting from the 2023-24 financial y
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FAQ :
Over 8 crore income tax returns have been filed for the assessment year 2024-25.
Seventy-four percent (74%) of taxpayers have opted for the new tax regime.
The new tax regime became the default option for taxpayers starting from the 2023-24 financial year.
The new tax regime offers lower tax rates but does not allow most exemptions and deductions, except for a standard deduction on salary income and family pension.
Around 75 lakh updated ITRs have been filed, generating an additional £8,000 crore in taxes.
Yes, taxpayers have the flexibility to choose between the two regimes each financial year, although the new regime is now the default.
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