Income Tax Department Provides Update on ITR Processing and Refund Status
The Income Tax Department has announced significant updates on the processing of Income Tax Returns (ITRs) for the assessment year 2024-25. As of July 31, 2024, a record 7.28 crore ITRs were filed, marking a 7.5% increase from the previous year.
The department reported that over 6.21 crore ITRs have been e-verified, with more than 5.81 crore verified through Aadhaar-based OTP. Of these e-verified ITRs, over 2.69 crore have been processed, representing 43.34% of the total returns filed.
A notable shift towards the New Tax Regime has been observed, with 5.27 crore ITRs filed under this system compared to 2.01 crore under the Old Tax Regime. Additionally, 58.57 lakh new ITRs were submitted by first-time filers.
The early introduction of ITR forms and proactive educational campaigns have contributed to this significant increase. The department’s helpdesk has addressed over 10.64 lakh queries, offering timely support to taxpayers.
For those who missed the July 31 filing deadline, the Income Tax Department advises immediate submission of returns to avoid penalties. The department remains committed to efficient processing and prompt issuance of refunds to ensure a smooth tax filing experience for all taxpayers.
