Record 7.28 crore Income Tax Returns filed by July 31, marking 7.5 per cent increase: Tax Department

The Income Tax Department announced a record-breaking 7.28 crore Income Tax Returns (ITRs) for the fiscal year 2024–25, reflecting a 7.5% increase from the previous year's 6.77 crore returns filed by the July 31 deadline. A significant portion of taxpayers, about 72%, opted for the new tax regime, with 5.27 crore returns filed under it, compared to 2.01 crore under the old regime.