New Delhi. More than eight crore income tax returns have been filed for the assessment year 2024-25. Out of these, 74 percent taxpayers opted for the new tax system. Sources gave this information. Also, approximately 75 lakh updated Income Tax Returns (ITR) have been filed this year. An additional tax of Rs 8,000 crore has been received from this. The source said that so far more than eight crore individuals have filed ITR for income earned in the financial year 2023-24. Of these, more than 5.92 crore people have adopted the new income tax system.
The new tax regime has been set as ‘a default regime’ from 2023-24. That is, if the taxpayer has not chosen any option between the new and old tax system, then he will automatically move to the new tax system. Its estimated year is 2024-25. However, taxpayers can change it while filing income tax returns. Eligible individuals without any business income will have the option to opt for the arrangement every financial year. However, unlike the old system, the benefit of various exemptions and other deductions (other than the standard deduction for salary income and family pension) is not available in the new tax regime.