The government had kept the last date 31 July for filing income tax returns for the financial year 2024 or 25. A record 7.28 lakh income tax returns were filed on this day. This is 7.4% more than the total ITR (6.78crores) of last year . About 73% of taxpayers chose the new policy while 27% of taxpayers followed the old policy for the financial year 2024-25.
Tax default increased by 1000% in the last 10 years, this is based on Union Budget data compiled by Moneycontrol.
Till financial year 2013, Rs 9.09 lakh crore was not paid, Which is more than the notices issued so far for financial year 2014 of Rs 80,003 crore.
In the last 2 years, notices worth Rs 4.23 lakh crore have been sent for pending tax demand.