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, a 7.5 percent increase from the previous year.

𝗡𝗲𝘄 𝗧𝗮𝘅 𝗥𝗲𝗴𝗶𝗺𝗲 𝗣𝗼𝗽𝘂𝗹𝗮𝗿𝗶𝘁𝘆 Many 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.