Record 9.19 Crore Individuals Filed ITRs in FY 2024-25: Over 10,000 Report Incomes Above ₹10 Crore
In the financial year 2024–25 (up to March 31, 2025), a record 9.19 crore individuals across India filed their Income Tax Returns (ITRs). Maharashtra led the filings with 1.39 crore returns submitted. This marks a 7.86% increase compared to the previous financial year.
In FY 2023–24, 8.52 crore ITRs were filed, up from 7.78 crore in FY 2022–23. This reflects a 9.51% year-on-year growth in ITR filings.
Notably, the number of high-income earners is rising. A total of 10,814 individuals reported incomes exceeding ₹10 crore before the March 31, 2025 deadline. Additionally, 16,797 individuals reported incomes between ₹5 crore and ₹10 crore, while 2.97 lakh people declared incomes between ₹1 crore and ₹5 crore.
Key Tax Changes in Budget 2025:
New Tax Slab Introduced for Income Between ₹20–24 Lakh
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What’s New: Under the revised tax regime, income up to ₹12 lakh will now be exempt from tax. For salaried individuals, this exemption increases to ₹12.75 lakh due to the standard deduction of ₹75,000.
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A new 25% tax slab has been introduced for income between ₹20 lakh and ₹24 lakh.
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Impact: Previously, incomes above ₹15 lakh were taxed at the highest rate of 30%. Now, the threshold for the maximum rate has been increased to ₹24 lakh, offering significant tax relief to middle and upper-middle-income groups.
Extended Time to File Updated Returns
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What’s Changed: Taxpayers now have up to 48 months (previously 24 months) from the end of the assessment year to file an updated return, subject to certain conditions.
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For returns filed between 24–36 months, a 60% additional tax will apply.
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For returns filed between 36–48 months, the additional tax increases to 70%.
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Impact: This extension allows taxpayers more time to correct errors or omissions in their original filings. It is expected to encourage greater voluntary compliance with tax laws.
