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
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.
A new 25% tax slab has been introduced for income between ₹20 lakh and ₹24 lakh.
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
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.
For returns filed between 24–36 months, a 60% additional tax will apply.
For returns filed between 36–48 months, the additional tax increases to 70%.
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.
