For the assessment year 2024-25, the Ministry of Finance has announced an unprecedented number of income tax returns (ITRs) filed, reaching a total of 7.28 crore by the end of July 2024. This represents a substantial 7.5% increase compared to the previous year’s figures. A notable shift in taxpayer preferences is evident as 5.27 crore ITRs were filed under the new tax regime, while 2.01 crore continued with the old tax regime. This marks a clear trend towards the new system, with 72% of taxpayers choosing it over the traditional model.
The peak of activity was recorded on July 31, 2024, when a staggering 69.92 lakh ITRs were submitted. This single day alone demonstrated the intense pressure and significant traffic on the e-filing portal, which handled this peak efficiently. During the busiest hour, between 7:00 pm and 8:00 pm, the portal saw 5.07 lakh ITRs being filed every hour, reflecting a high level of engagement from taxpayers.
The breakdown of ITR forms used reveals that ITR-1 was the most popular, accounting for 45.77% of the filings. ITR-2 followed with 14.93%, while ITR-3 and ITR-4 contributed 12.50% and 25.77% respectively. Forms ITR-5 through ITR-7 collectively made up the remaining 1.03% of the filings. This distribution highlights the varying needs of taxpayers and the diverse nature of income sources and deductions.
The e-filing portal proved robust in handling the substantial volume of traffic, recording 3.2 crore successful logins on the peak day. Over 43.82% of the returns were filed using the online utility on the portal, indicating a strong preference for digital submission among taxpayers.
As of the latest reports, more than 6.21 crore ITRs have been e-verified. Of these, over 5.81 crore were verified through Aadhaar-based OTPs, demonstrating the widespread adoption of Aadhaar for authentication purposes. Furthermore, over 2.69 crore returns have already been processed, reflecting the efficiency of the tax processing system.
In addition to managing returns, the Helpdesk team has been actively addressing taxpayer concerns, handling approximately 10.64 lakh queries through calls, live chats, and webinars. The team has also been responsive to issues raised on social media platforms like Twitter, showcasing the department’s commitment to providing timely assistance.
To facilitate a smoother filing process and enhance understanding of the tax regimes, the Ministry of Finance has launched several educational initiatives. These include FAQs, instructional videos on the e-filing portal, and outreach campaigns conducted in multiple languages. These resources aim to help taxpayers make informed decisions about their tax returns and understand the benefits of both tax regimes.
The Ministry has expressed its gratitude to tax professionals and taxpayers for their prompt compliance and contributions to this record-breaking filing season. For those who missed the July 31 deadline, the Ministry encourages them to file their returns as soon as possible to avoid any penalties or complications.
Overall, the impressive number of filings and the successful handling of peak traffic underscore the effective functioning of the tax system and the growing engagement of taxpayers.