Tax department: I-T return filings grew by 25% to 2.82 crore
According to the tax department, the number of Income Tax returns filed for the financial year 2016-17 year grew by 25% to 2.82 crore, because more number of individuals filed their tax returns after demonetization.
The growth is 25.3% in the number of IT returns filed, with over 2.79 crore returns received up to August 5 as compared to 2.22 crore returns filed in the corresponding period in last fiscal year.
“As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns (ITRs) filed,” an official statement said.
The total number of returns filed as on August 5 stands at over 2.82 crore as against over 2.26 crore filed during the corresponding period of 2016-17. This was an increase of 24.7% compared to growth rate of 9.9% in the previous year.
The last date for filing of income tax returns by individuals and HUFs, who need not get their accounts audited, was August 5.
The finance ministry stated that the number of ITRs filed indicated that substantial number of new tax payers, due to demonetization, have been brought into the tax net.
It also said that, there is a growth in direct tax collections because of the demonetization effect.
On August , as compared to the corresponding period in 2016-17, there has been a growth of about 41.79% in the advance tax collections of personal income tax (other than Corporate Tax).
Under the Self-Assessment Tax (SAT), Personal Income Tax grew at 34.25% over the corresponding period in 2016-17.
“The above figures amply demonstrate the positive results of the government’s commitment to fight the menace of black money,” it added.
The Central Board of Direct Taxes (CBDT), which is the apex policy making body of the I-T department, is committed in its resolve to eradicate tax evasion in a non-intrusive manner and widening of tax base.
The government on November 8, 2016, demonetized old 500 and 1000 rupee notes, to fight the menace of black money, and asked holders of such notes to deposit in bank accounts.
To clamp down on the unaccounted money which is funnelled into the banks, the Income Tax department then launched operation clean money, post demonetization.
