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New Delhi: The last date for filing income tax returns for AY 2023-24 is now over. Taxpayers had to file returns by July 31, 2024 (Wednesday). If a taxpayer files the return after this deadline, he will have to pay a penalty.

The Income Tax Department informed about the number of returns filed. The Income Tax Department said that more than 7.28 crore returns have been filed till July 31. According to the statement given by the department, a record number of income tax returns (ITRs) have been filed for the assessment year 2024-25. Last year 6.77 crore returns were filed.

New tax regime was selected the most

According to the statement of the department, 5.27 crore returns have been filed under the New Tax Regime for the assessment year 2024-25. At the same time, the number of returns filed under the old tax regime is 2.01 crore. The huge increase in the number of returns filed is a good sign of expansion of the tax base.

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