<strong>More than 4.68 Lakh Taxpayers filed ITR for Income over Rs.1 Crore till Feb 2025</strong>

The most recent data released by the income tax department shows that more than 9.11 crore registered users have filed their income tax returns (ITRs) for the financial year 2024-25 as of February 28, 2025. This figure is notable given that the total number of registered users is 13.96 crore, implying that more than 65% of registered users have filed their income tax returns for the current year.

The data shows that the total number of e-verified tax returns up to February 28, 2025 is 8.56 crore.

The income tax department issued a refund of Rs.3.92 lakh crore during FY 2024-25, till February 28, 2025. Notably, more than 40% of users used the tax department's utility to file returns.

According to ITD data until February 28, 2025, out of these taxpayers, taxpayers with income between Rs.1-5 crore is 3.89 lakh, while those with income beyond Rs.1-5 crore is more than 36,274.

Additionally, 43,004 taxpayers filed an income tax return (ITR) for more than Rs.10 crore. In FY 2024-25, a total of 4,68,658 taxpayers filed returns exceeding Rs.1 crore (3.89 lakh + 36K + 43K).

When seen from the state-wise lens, Maharashtra had 1.38 crore tax filers as of February 28. The corresponding figure for Gujarat was 87.90 lakh, while for Uttar Pradesh it was 90.68 lakh.

The same number of tax payers was 44.45 lakh in Delhi, 30.76 lakh in Andhra Pradesh, and 43.79 lakh in Punjab. The figure for states outside India was 87,501.

There has been a significant increase in tax filing compared to last year across income tax forms. ITR-1 showed 0.11 percent growth, ITR-2 reported 33.89 percent growth, and ITR-3 recorded 15.50 percent growth.

In 2024-25, ITR-6 increased by 5.59 percent, while ITR-5 increased by 6.46 percent over the previous year.

The most recent data released by the income tax department shows that more than 9.11 crore registered users have filed their ITRs for FY2024-25 as of Feb 28, 2025.

More than 4.68 Lakh Taxpayers filed ITR for Income over Rs.1 Crore till Feb 2025

The Centre has re-appointed Ravi Agrawal as CBDT Chairman on a six-month contract from July 1 to December 31, 2026.

Government Re-Appoints Ravi Agrawal as CBDT Chairman for Six Months

The ITAT Mumbai deleted the Rs 7 lakh addition under Section 69A, holding that credible evidence and consistent explanations outweigh mere suspicion in unexplained cash cases.

ITAT Deletes Rs 7 Lakh Section 69A Addition, Says Suspicion Alone Cannot Replace Proof

The HC dismissed a writ petition challenging personal tax recovery under Section 179, holding that adequate protection had already been granted by directing authorities to first recover dues from the company.

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The ITAT sets aside the CIT(A)'s order, holding that under Section 56(2)(x), stamp duty value on the date of allotment applies when part payment was made earlier.

ITAT Rules Stamp Duty Value to Be Considered at Allotment Date under Section 56(2)(x)

The ITAT remanded the case of the Section 80GGC exemption claim, holding that the CIT(A) had dismissed the appeal merely on the grounds of limitation, and the case was not heard on its merits.

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From ITR filing to passport fees and banking rules, here are the key financial changes taking effect from July 1, 2026.

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In order to honour the efforts of Defence Personnel, the government offers special income tax benefits, allowance, and exemptions.

Income Tax Guide for Indian Defence Personnel for Tax Filing, Taxable Allowances and Other Benefits

The Central Board of Direct Taxes (CBDT) has released Income Tax Return Forms 1 and 4 for FY 2025-26.

Income Tax Return Breaking: ITR Forms released for AY 25-26

Madras High Court sentenced five Ex-DRT Officials to 5 years of rigorous imprisonment and also imposed a total penalty of Rs.27 lakh in a CBI corruption case.

Ex-DRT Officials Sentenced to 5 Years Rigorous Imprisonment by Madras High Court along with Rs.27 Lakh Fine

The Goods and Services Tax Network (GSTN) has issued an advisory on the case sensitivity in Invoice Reference Number (IRN) generations.

GSTN issued Advisory on Case Sensitivity in IRN Generation

RBI said on Friday that it will soon issue Rs.10 and Rs.500 banknotes in the Mahatma Gandhi (New) Series, each bearing the signature of Governor Sanjay Malhotra.

RBI to issue Notes of Rs.10 and Rs.500 bearing Signature of Guv Malhotra

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The ITAT held that a mere mismatch in a trade creditor's closing balance cannot justify an addition under Section 68 when the purchases, sales, and closing stock have already been accepted by the AO.

Mere Difference in Trade Creditor Closing Balance Cannot Justify Section 68 Addition When Purchases Are Accepted, Rules ITAT

The ITAT has upheld the disallowance of delayed employees' PF/ESI contributions under Section 143(1), ruling that CPC can make such adjustments while processing income tax returns.

Delayed PF/ESI Deposits Can Be Disallowed During ITR Processing, Holds ITAT

The ITAT Delhi remands Section 11 exemption case after the tax authorities fails to prove that educational institute engaged in trade or commercial activities.