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Tax Filing Increased Most By Taxpayers Declaring Income Between Rs 5-10 Lakh

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As it is it has been reported that e-return filing for the eight-month period has recorded a sharp YoY increase of 48% in comparison to just 20% in the year-ago period. And much of the increase in incidence of filing return has come in from less industrialized states of U.P, M.P and Bihar. Of these, the record high in MP and Bihar is also due to low base but for UP the increase in return filing has come in despite high base.

Tax Filing Increased Most By Taxpayers Declaring Income Between Rs 5-10 Lakh
 

Digitisation, GST and other factors are now rendering businesses to be formal and this government has been keenly asserting to be providing greater transparency and a proof of increased compliance as well as tax base widening.

Also, in recent time, there has been sharp increase in land prices in these states in the last 4 to 5 year and because of digitization, the transaction value is more transparent and hence many buyers and sellers cannot escape the tax net now. The data sharing among the different segments of the tax department on a seamless basis has also resulted in greater tax compliance.

When it comes to income slab category, the return filing has been more aggressive from those declaring income in the range of Rs. 5 lakh to Rs. 10 lakh.

Goodreturns.in

Read more about: tax return itr demonetisation gst
Story first published: Monday, December 17, 2018, 11:43 [IST]
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