The deadline for filing Income Tax Returns (ITR) for the financial year 2024-25 is September 15. So far, only 3.68 crore returns have been filed. Experts warn that filing at the last minute can lead to issues like server downtime, hence it is essential to file ITR on time.
ITR Filing 2025: An alert for those filing Income Tax Returns (ITR): The deadline for the financial year 2024-25 is September 15. Only 3.68 crore returns have been filed so far, with crores of taxpayers still remaining. Experts state that filing in the final days can lead to technical difficulties. It will be beneficial to file returns on time as per the new tax slabs and standard deduction.
How Many People Have Filed ITR
According to government data, a total of 3.68 crore returns have been filed by August 25. Out of these, 3.54 crore returns have been verified and 2.30 crore have been processed. Last year, over 9 crore returns were filed in the entire year. This means that crores of people still need to file their ITR.
Experts suggest that if people file their returns in the final days, they may face server downtime and other technical issues. Therefore, it is better for taxpayers to file their ITR on time.
Changes in Deadline
Previously, the last date for filing ITR was July 31. This year, it has been extended to September 15. This date is for taxpayers who do not require an audit. For taxpayers who require an audit, the last date is October 31.
Data According to Income
The number of people in the country with an income of over 1 crore rupees is continuously increasing. As of March 31, 2025, a total of 10,814 individuals with an income exceeding 10 crore rupees have filed their returns. Additionally, 16,797 individuals with incomes between 5 to 10 crore rupees and approximately 2.97 lakh individuals with incomes between 1 to 5 crore rupees have filed their ITR.
Under the new tax regime, income up to 12 lakh rupees will not be taxed. Salaried individuals will also receive a standard deduction of 75 thousand rupees. This means that income up to a total of 12.75 lakh rupees will be tax-free. For individuals with an income between 20 to 24 lakh rupees, a 25 percent tax slab will apply.
Monitoring of Banking Transactions
The Income Tax Department also monitors large bank transactions. If a person deposits more than 10 lakh rupees in their savings account or makes a significant Fixed Deposit (FD) or Recurring Deposit (RD), this information is directly communicated to the tax department. This method is adopted to monitor the financial activities of taxpayers.
Nowadays, most ITR filing is done online. The e-filing portal provides the facility to file returns. Taxpayers can easily file their returns by entering their PAN and bank account details. Online filing speeds up the return processing and can also lead to quicker tax refunds.
Benefits of Timely Filing
There are several benefits to filing ITR on time. This includes receiving tax refunds faster and avoiding the risk of penalties or interest after the deadline. Furthermore, filing returns on time reduces the chances of facing audits or inquiries in the future.
