Income tax return filing skyrockets, rises 50% so far this year

Demonetisation has been very good for increasing the tax base of the country. This year, we have already got around 6.08 crore income tax returns, which is 50 per cent higher than last year by this particular date, he said. 

Income tax return filing skyrockets, rises 50% so far this year
Income tax return filing for assessment year 2018-19 has so far seen a 50 per cent rise since last year, Image source: Pixabay
Written By: PTI
Updated: Tue, Dec 04, 2018
02:01 pm
New Delhi, PTI
RELATED NEWS
7th Pay Commission latest news: Big news for Central government employees - New window opened to save money 7th Pay Commission latest news: Big news for Central government employees - New window opened to save money
PAN Aadhaar Link Online Last Date: This will happen if you don't do what Income Tax dept has said! Do now via SMS PAN Aadhaar Link Online Last Date: This will happen if you don't do what Income Tax dept has said! Do now via SMS
PF Tax Rules: Check EPFO rules that will affect your EPF, Provident Fund contribution from 1st April this year PF Tax Rules: Check EPFO rules that will affect your EPF, Provident Fund contribution from 1st April this year
How to save Income Tax? Top tips, options – Home loan, education loan, NPS, APY, 80CCD, 80C, house rent and more How to save Income Tax? Top tips, options – Home loan, education loan, NPS, APY, 80CCD, 80C, house rent and more
PF-EPF Passbook Balance latest update: Will EPFO members among central government employees get affected after Wage Code Bill implementation? PF-EPF Passbook Balance latest update: Will EPFO members among central government employees get affected after Wage Code Bill implementation?

 Income tax return filing for assessment year 2018-19 has so far seen a 50 per cent rise since last year, a top finance ministry official said Tuesday.

"This is the effect of demonetisation," Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said on the sidelines a CII event.

Demonetisation has been very good for increasing the tax base of the country. This year, we have already got around 6.08 crore income tax returns, which is 50 per cent higher than last year by this particular date, he said. 

He further added that the revenue department will achieve direct tax collection target, which is 11.5 lakh crore, for the current financial year.

"Our gross direct tax growth rate is 16.5 per cent and net direct tax growth rate is 14.5 per cent, which itself shows that demonetisation really helped in widening and deepening of tax base," the CBDT chief insisted.

He also said that so far 70 countries are sharing information with India under Automatic Exchange Of Information (AEOI).

Chandra said that due to demonetisation, so far, the number corporate tax payers have gone to 8 lakh from 7 lakh last year.

CBDT chief also informed that the board will soon start giving e-PAN within four hours.

Watch Zee Business Tweet video here:

He said that the department has sent two crore SMS to people who had not filed returns or those whose income did not match with their filings. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.