Out of the total I-T returns of 7.28 crore filed for assessment year 2024-25, 5.27 crore have been filed in the new tax regime, says Central Board of Direct Taxes

Nearly 58.6 lakh returns were filed by first-time filers, a fair indication of widening of tax base, the Income Tax department has said.

Most of India’s personal income taxpayers have moved to the simpler new tax regime in this assessment year, with 72% of those who had filed their returns by the July 31 deadline opting for it, even as the number of Income Tax (I-T) return filings rose 7.5% to hit a record high of almost 7.29 crore.

“Out of the total ITRs [I-T returns] of 7.28 crore filed for Assessment Year 2024-25, 5.27 crore have been filed in the new tax regime compared to 2.01 crore ITRs filed in the old tax regime,” the Central Board of Direct Taxes (CBDT) said on Friday, terming the increase in number of taxpayers under the new tax regime ‘heartening’.