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50% Jump In ITR Filing For AY 2018-19 So Far

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So far for the AY 2018-19 i.e. FY 2017-18, there has been seen a 50% jump in the income return filing. CBDT Chairman Sushil Chandra attributes this increase to demonetisation and is quoted in a PTI report as saying, "Demonetisation has been very good for increasing the tax base of the country. This year, we have already received around 6.08 crore income tax returns, which is 50 per cent higher than last year by this particular date".

50% Jump In ITR Filing For AY 2018-19 So Far
 

Also, on the sidelines of a CII event he said that the target of direct tax collection that stands at 11.5 lakh crore for the ongoing financial year shall be achieved.

Under the automatic exchange of information (AEOI), he conferred that as many as 70 nations are sharing information with India. "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", he added.

As a result of demonetisation, the executive highlighted that there has been an increase in corporate taxpayer from 7 lakh in the previous year to 8 lakh so far now.

Also, he insisted on the fact, that in 4 hours soon, the board will be issuing e-PAN.

Goodreturns.in

Story first published: Tuesday, December 4, 2018, 14:52 [IST]
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