Income Tax: Over 9.54 lakh crorepati taxpayers filed returns until October 31

More than 9.54 lakh people with income of ₹1 crore and above filed their income tax (I-T) returns until October 31, the data on the Income Tax portal revealed. The latest data for the financial year 2024-25 shows that a total of 2.76 lakh individuals in the ₹1-crore club filed their tax returns in October. In the preceding month, i.e. September, this figure stood at 2,38,472.

In August and July, the corresponding data stood at 2,15,586 and 2,08,284. In the first three months of this fiscal year, as many as 15,694 individuals filed their income tax returns. Overall, the total number of tax filers stood at 9,54,908.

Individual tax filers with ₹1 crore & above income

(Source: eportal.incometax.gov.in)

Interestingly, five years ago, this figure stood at 2.89 lakh. Month-wise also, one can witness a jump in each of the seven months of this fiscal. In July, nearly 10 times more income tax returns were filed by individuals in the tax bracket of ₹1 crore and above.

If you examine the number of tax filers in the ₹10 crore bracket i.e. individuals declaring their annual income over ₹10 crore, this figure stood at 26,449 for the first seven months.

As we can see in the table above, 8,064 taxpayers with ₹10 crore or above 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 stood at 8.11 crore, whereas the number of returns verified stood at 7.97 crore.

Deadline extended 

Meanwhile, it is worth noting that the Central Board of Direct Taxes (CBDT) has extended the due date for furnishing 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 (I-T) Act, 1961. This was announced via a circular dated October 26, 2024, issued by the CBDT.