Individual income tax returns jumped 25% so far in the current financial year as the authorities turned up the heat on evaders after demonetisation.
The returns filed by individuals were 25.3% higher at 2.79 crore as of August 5, an addition of about 55 lakh from 2.23 crore in the corresponding period of 2016-2017.Growth in filing in the previous year was 9.9%.
“This clearly shows that substantial number of new taxpayers have been brought into the tax net subsequ ent to demonetisation,“ the Central Bo ard of Direct Taxes said in a statement on Monday. The government had extended the deadline for filing income-tax
re turns to August 5 from July 31 in view of a last-minute rush.
The CBDT had cracked down on evaders as part of `Operation Clean Money' after November. It identified 18 lakh people who made bank deposits of old Rs. 500 Rs.
1,000 and ` notes after the November 8 demonetisa tion announcement in amounts that didn't match their income profiles. Having sourced data of high-value purchases after November, the department sent emails and SMSes to those whose deposits, investments
and purchases were not in sync with their declared income.
INDIVIDUAL ADVANCE TAX COLLECTIONS UP
The CBDT said there was also an increase in direct tax collection. Advance tax collection of personal income tax in the period under review grew 41.79% over the corresponding period in FY17. Personal income-tax under self-assessment tax grew 34.25%.
“The above figures amply demonstrate the positive results of the government's commitment to fight the menace of black money,“ it said. - www.economictimes.indiatimes.com [08-08-2017]