A record 72.8 million income-tax returns (ITRS) 52.7 million (72.3 per cent) did so in accordance with the new tax regime were filed for assessment year 2024-25 by July 31, the income-tax (I-T) department stated on Friday.
Last year 67.7 million returns were filed during the period. The new tax regime is the default one. If one does not have a business income, one is free to select any one of the two tax regimes.
To make the new regime attractive, the Budget on July 23 changed the income-tax slabs. The changes were mainly at the lower tax slabs, to benefit salaried classes.
The tax department has decided not to extend the deadline beyond July 31, for the third consecutive year.
An ITR filed after the deadline will be liable for a late fee of up to ₹5,000.
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