Tax Return: More than 9.54 Lakh Crorepati Taxpayers filed ITR until October 31

More than 9.54 lakh taxpayers with incomes of Rs.1 crore or more submitted income tax returns by October 31, according to data from the Income Tax portal. The most recent data for the financial year 2024-25 shows that a total of 2.76 lakh individuals in the Rs.1 crore club filed their income tax returns in October. In the preceding month, September, this figure was 2,38,472.

The equivalent data for August and July were 2,15,586 and 2,08,284, respectively. In the first three months of the financial year, up to 15,694 taxpayers filed income tax returns. The overall number of tax filers totalled 9,54,908.

Interestingly, five years ago, this data was 2.89 lakh. Month-by-month, each of the seven months of this financial year has seen an increase. Individuals earning Rs.1 crore or more filed nearly ten times as many income tax returns in July.

The number of tax filers in the bracket of Rs.10 crore, that is, individuals declaring an annual income of more than Rs.10 crore, was 26,449 in the first seven months.

table

As seen in the table above, 8,064 people earning Rs.10 crore or more submitted income tax returns in October. April and May saw the fewest tax returns filed, with 51 and 93, respectively. The total number of returns filed during the financial year 2024-25 was 8.11 crore, with 7.97 crore confirmed.

Additionally, the Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns under subsection (1) of Section 139 of the Act for the financial year 2024-25 from October 31 to November 15.

This extension applies to Clause (a) of Explanation 2 to Subsection (1) of Section 139 of the Income Tax (I-T) Act of 1961. The CBDT made its announcement via a circular dated October 26, 2024.