Nearly 5 Lakh Taxpayers Report Income Over ₹1 Crore by February 2025

Income tax filings in India have reached a new milestone, with over 9 crore returns submitted for the financial year 2025. The data highlights a significant number of high-income taxpayers, reflecting economic growth and improved tax compliance. With the deadline set for 31 March, the numbers are expected to rise further.

Surge in Income Tax Filings

As of 28 February, more than 9.11 crore taxpayers have filed their income tax returns (ITRs), according to the latest figures from the Income Tax Department. With India having 13.96 crore registered taxpayers, this means approximately 65% have submitted their returns so far. Additionally, 8.56 crore returns have been e-verified, and refunds worth Rs 3.92 lakh crore have been processed.

Among those filing returns, 4.68 lakh taxpayers reported an annual income exceeding Rs 1 crore. Of these, 3.89 lakh individuals earned between Rs 1 crore and Rs 5 crore, while 36,274 taxpayers reported income in the range of Rs 5 crore to Rs 10 crore. Meanwhile, 43,004 individuals declared earnings exceeding Rs 10 crore.

State-wise Tax Return Trends

Maharashtra recorded the highest number of ITR filings at 1.38 crore, followed by Uttar Pradesh with 90.68 lakh. Gujarat accounted for 87.90 lakh filings, while Delhi recorded 44.45 lakh returns. Punjab and Andhra Pradesh saw 43.79 lakh and 30.76 lakh filings, respectively.

The growth in different ITR categories was also notable. ITR-1 filings saw a marginal increase of 0.11%, while ITR-2 filings grew by 33.89%. ITR-3 reported a growth of 15.50%, followed by ITR-5 and ITR-6 at 6.46% and 5.59%, respectively.

Conclusion

The surge in income tax filings highlights a growing taxpayer base and improved compliance. With the deadline approaching, the total number of returns is expected to rise further, contributing to a stronger and more transparent tax system.

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