More than 9.54 lakh people with an income of ₹1 crore and above have filed their income tax (IT) returns till October 31, data on the income tax portal shows. The latest data for the financial year 2024-25 shows that a total of 2.76 lakh individuals in the ₹The 1-crore club filed their tax returns in October. In the previous month i.e. September, this figure was 2,38,472.
In August and July, the corresponding data was 2,15,586 and 2,08,284. As many as 15,694 people filed their income tax returns in the first three months of this fiscal year. Overall, the total number of tax returns was 9,54,908.
(Source: eportal.incometax.gov.in)
Interestingly, five years ago, this figure was 2.89 lakh. Monthly too, one can witness a jump in each of the seven months of this financial year. In July, almost ten times as many income tax returns were filed by individuals in the tax bracket ₹1 crore and above.
If you look at the number of tax returns in the ₹10 crore slab, i.e. individuals declaring their annual income ₹10 crore, this figure stood at 26,449 during the first seven months.
As we can see in the table above, 8,064 had taxpayers ₹10 crore or more income filed their income tax returns in October. The smallest number of tax returns were filed in April and May, at 51 and 93. In the entire fiscal year 2024-25, the total number of returns filed was 8.11 crore, while the number of returns verified was 7.97 crore.
Term extended
Meanwhile, it is worth noting that the Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns under sub-section (1) of Section 139 of the Act for the assessment year 2024-25 from October 31 to November 15.
This extension applies to clause (a) of Explanation 2 to sub-section (1) of section 139 of the Income Tax (IT) Act 1961. This was announced through a circular dated October 26, 2024, issued by the CBDT.
