The Income Tax Department has shared an important update about the processing of Income Tax Returns (ITRs) for the assessment year 2024-25.
The tax department noted that over 6.21 crore ITRs have been e-verified, of which more than 5.81 crore were done through Aadhaar-based OTP.
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“Of the e-verified ITRs, more than2.69 croreITRs for the A.Y. 2024-2025 have been processed (43.34%) till 31stJuly, 2024,” the I-T Department noted.
By the July 31 deadline, a record-breaking 7.28 crore ITRs were filed, showing a 7.5% increase from the previous year.
Among other key highlights, the I-T Department highlighted that an increasing number of taxpayers opted for the New Tax Regime, with 5.27 crore ITRs filed under this system, compared to 2.01 crore under the Old Tax Regime.
The Income Tax Department has also noted many first-time filers, with 58.57 lakh new ITRs submitted by July 31, 2024.
The introduction of ITR forms on the first day of the financial year and proactive educational campaigns have contributed to this increase.
Additionally, the Department’s helpdesk has effectively handled over 10.64 lakh queries, providing timely support to taxpayers.
The department has also shared an important message with taxpayers who missed the July 31 deadline, urging them to file their returns as soon as possible to avoid penalties.
