I-T returns filing up nearly 25% at 28.3 million as deadline ends
08 August 2017
The number of income tax returns filed for 2017-18 increased 24.7 per cent to 28.3 million as of 5 August 2017, against 22.7 million returns filed during the corresponding period last year.
The number of I-T returns filed by individuals, accounting for 98.7 per cent of total ITR, jumped 25.3 per cent from last year to 2.79 crore returns filed up to August 5, as against 2.23 crore returns in the corresponding period last year.
The government attributes the spurt in I-T return filing to the 8 November 2016 demonetisation of high-value currency notes and 'Operation Clean Money'.
''The number of returns filed as on 5 August 2017 stands at 2,82,92,955, against 2,26,97,843 filed during the corresponding period of FY 2016-2017, an increase of 24.7 per cent compared to growth rate of 9.9 per cent in the previous year, '' a finance ministry release stated.
The number of returns filed by individual taxpayers increased 25.3 per cent to 2,79,39,083 as of 5 August 2017 against 2,22,92,864 returns received 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, the finance ministry pointed out.
Advance tax collections of personal income tax (ie other than Corporate Tax) as on 5 August 2017 showed a growth of about 41.79 per cent over the corresponding period in FY 2016-2017. Personal income tax under self assessment tax (SAT) grew at 34.25 per cent over the corresponding period in FY 2016-2017, showing better compliance.
The spurt in the number of income tax returns (ITR) filing follows the government's efforts to crack down on tax evasion in the wake of demonetisation last November. The tax department, in a statement, said that the rise in ITR filings also reflects addition of a ''substantial'' number of new taxpayers.
The tax department had extended the date for income tax returns filing till 5 August from the earlier deadline of 31 July.