#Demonetisation impact: 25% more IT returns files, advance tax collections up by 41%
 Source : NewsBharati  Date : 08-Aug-2017

New Delhi, August 8: The Government on Monday said there has been a substantial increase in the number of Income Tax Returns (ITRs) filed due to demonetization and Operation Clean Money.

In a statement, the Finance Ministry said, the number of returns filed has registered an increase of around 25 percent compared to 10 percent in the previous year. It said, as on last Saturday, more than two crore 82 lakh ITRs were filed as against around two crore 27 lakh filed in the last financial year.

 

The number of Returns filed stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of F.Y. 2016-2017, registering an increase of 24.7% compared to growth rate of 9.9% in the previous year.

The effect of demonetization is also clearly visible in the growth in Direct Tax Collections. Advance Tax collections of Personal Income Tax showed a growth of about 41.79% over the corresponding period in F.Y. 2016-2017.

Personal Income Tax under Self-Assessment Tax (SAT) grew at 34.25% over the corresponding period in F.Y. 2016-2017. CBDT is committed in its resolve to eradicate tax evasion in a non-intrusive manner and widening of tax base, finance ministry said.