Speed Post News Network
New Delhi : There has been a substantial increase in the number of Income Tax Returns (ITRs) filed as a result of demonetisation and Operation Clean Money. The number of Returns filed as on August 5, 2017, stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of financial year (FY) 2016-2017 registering an increase of 24.7% compared to growth rate of 9.9% in the previous year.
The growth in returns filed by individuals is 25.3% with 2,79,39,083 returns having been received upto August 5 , 2017 as against 2,22,92,864 returns in the corresponding period of FY 2016-2017. This clearly shows that substantial number of new tax payers have been brought into the tax net subsequent to demonetization, according to a PIB release.
The effect of demonetization is also clearly visible in the growth in Direct Tax Collections. Advance Tax collections of Personal Income Tax (i.e. other than Corporate Tax) as on August 5 showed a growth of about 41.79% over the corresponding period in FY 2016-2017. Personal Income Tax under Self Assessment Tax (SAT) grew at 34.25% over the corresponding period in 2016-2017, according to the PIB release.
The above figures amply demonstrate the positive results of the Government’s commitment to fight the menace of black money. CBDT is committed in its resolve to eradicate tax evasion in a non -intrusive manner and widening of tax base, said the release.