On April 11, a total of 9.19 crore people filed Income Tax Returns (ITR) for the financial year 2024-25, with Maharashtra leading at 1.39 crore filings. This represents a 7.86% increase compared to the previous financial year.

In the previous financial year (FY2024), the number of ITR filings stood at 8.52 crore, and in 2023, it was 7.78 crore. The number of filings in 2024 was 9.51% higher than in 2023.

The number of people earning more than ₹10 crore has been rapidly increasing. Before March 31, 2025, 10,814 individuals with an income of over ₹10 crore filed returns. Additionally, 16,797 people with an income between ₹5-10 crore and 2.97 lakh individuals with an income between ₹1-5 crore filed their returns.

What Has Changed?

Under the new tax regime, individuals earning up to ₹12 lakh will not have to pay any tax. For salaried individuals, with a standard deduction of ₹75,000, this exemption will increase to ₹12.75 lakh. The new tax regime also includes a 25% tax slab for those with an income between ₹20 lakh and ₹24 lakh.