More than 8 cr ITRs filed for FY24, 74% in new tax regime

November 13, 2024 21:30

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More than 8 crore income tax returns for assessment year 2024-25 have been filed this year, of which 74 percent taxpayers have opted for new tax regime, a source said.

Also, around 75 lakh updated ITRs have been filed this year in high garnered additional taxes of Rs 8,000 crore.

The source said so far over 8 crore individuals have filed ITRs for income earned in 2023-24 fiscal, of which over 5.92 crore are in the new income tax regime.

The new tax regime was set as "a default regime" from 2023-24 and the Assessment Year corresponding to this is AY 2024-25.

This can be changed by the taxpayer at the time of filing Income Tax Returns by an individual.

Eligible persons without any business income will have the option to choose the regime for each financial year.

However, the benefit of various exemptions and deductions (other than standard deduction for salary income and family pension) is not available, as in the old regime.

The old tax regime which is still in force and offers a host of deductions and exemptions, exempts income up to Rs 2.5 lakh from taxes. -- PTI

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