New Tax Regime Gains Popularity, Old Regime Loses Ground

New Delhi- As per the data released by the Finance Ministry, 7.28% of the total ITRs for the assessment year 2024-25 have been filed under the new tax regime.

It has also been observed that the number of taxpayers who have opted for the new tax regime is increasing day by day. Out of the total 7.28 crore ITRs filed for the assessment year 2024-25, 5.27 crore have been filed under the new tax regime whereas 2.01 crore ITRs have been filed under the old tax regime.

According to the Finance Ministry, about 72% of the taxpayers have opted for the new tax regime while 28% continue to be in the old tax regime. The department received 58.57 lakh ITRs from first-time filers till 31 July this year.

The department has carried out targeted outreach campaigns on social media to encourage the taxpayers to file their ITRs early. This campaign has been extended to different platforms. In order to reach the target of taxpayers, the department has also created short videos in 12 different vernacular languages. These videos have been posted on digital platforms.