The Central Board of Direct Taxes (CBDT) said the number of income tax return filed this year surged by almost 25%, citing success of demonetisation in curbing black money.
“Number of Returns filed as on August 5 stands at 2,82,92,955, registering an increase of 24.7% compared to growth rate of 9.9% in previous year, said the CBDT.
The growth in returns filed by individuals is 25.3% with 2,79,39,083 returns having been received upto August 5, it added.
“This clearly shows that substantial number of new tax payers have been brought into the tax net subsequent to demonetisation," said the CBDT.
Direct tax collection also showed a strong growth. "The effect of demonetisation is also clearly visible in the growth in direct tax collections," the finance ministry in a statement. Advance tax collections of personal income tax (other than corporate tax) as on August 5, showed a growth of about 41.79 per cent over the corresponding period in FY2016-17. Personal income tax under self-assessment tax (SAT) grew at 34.25 per cent over the corresponding period in FY2016-17,” it said.
(With ANI inputs)