August 08, 2017

ITRs Filings Grow By 25%


On August 8, the tax department said that the number of Income Tax Returns (ITRs) filed for 2016-17 year grew by 25% to 2.82 crore, as increased number of individuals filed their tax returns post demonetization.

The growth in ITRs filed by individuals is 25.3% with over 2.79 crore returns having been received up to August 5 as against over 2.22 crore returns filed in the corresponding period last fiscal.

It has been said that "As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns (ITRs) filed."

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 2016.

August 5, was the last date for filing of income tax returns by individuals and HUFs, who need not get their accounts audited.

The finance ministry said that the number of ITRs filed showed that substantial number of new tax payers have been brought into the tax net subsequent to demonetization. The effect of demonetization is also clearly visible in the growth in direct tax collections, it said.

Advance tax collections of personal income tax (other than Corporate Tax) as on August 5 showed a growth of about 41.79% over the corresponding period in 2016-17. Personal Income Tax under Self Assessment Tax (SAT) 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.

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