Demonetisation Effect: ITR Filing Surges By 25%

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Narendra Modi government led demonetization move which involved scrapping of high value notes of Rs. 500 and Rs. 1000 and also fuelled the introduction of Rs. 2000 bank notes is attributed as a major step causing the surge in e-filing for the ongoing AY 2017-18. More people fearing government's stringent move of black money clamp down have been brought under the tax net.

Demonetisation Effect: ITR Filing Surges By 25%

In a statement, finance ministry said, ""The number of returns filed as on August 05, 2017 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of 2016-2017, registering an increase of 24.7 percent compared to growth rate of 9.9 percent in the previous year".

As on the last day for filing tax return which got extended to August 5, individual tax filing surged by 25.3% at 2,79,39,083 returns. Also, ending on the same advance tax collection in respect of personal tax other than corporate tax witnessed a growth of 41.9%. Also, self-assessment tax registered a growth of 34.25% in comparison to corresponding period last year.

"This clearly shows that substantial number of new tax payers have been brought into the tax net subsequent to demonetisation," the statement said. "As a result of demonetisation and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns (ITRs) filed".

Goodreturns.in

Story first published: Tuesday, August 8, 2017, 2:50 [IST]
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