Advertisement
Sunday, Oct 24, 2021
Outlook.com
Outlook.com

'Demonetisation Impact': Income Tax Return Filings Surge By Nearly 25%, Says 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.

'Demonetisation Impact': Income Tax Return Filings Surge By Nearly 25%, Says CBDT
| Representative Image-PTI
'Demonetisation Impact': Income Tax Return Filings Surge By Nearly 25%, Says CBDT
outlookindia.com
2017-08-07T18:28:32+05:30

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)

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Amit Shah's Roadmap For Jammu & Kashmir: Delimitation, Elections, Statehood

Amit Shah's Roadmap For Jammu & Kashmir: Delimitation, Elections, Statehood

This is Shah’s first visit to Jammu and Kashmir after the state was stripped of its special status and bifurcated in 2019 by the Narendra Modi government. Shah is on a three-day trip.

Smoke And Mirrors: NCB’s Panchnama In Aryan Khan Case Hides More Than It Reveals

Smoke And Mirrors: NCB’s Panchnama In Aryan Khan Case Hides More Than It Reveals

NCB’s methods are under the scanner as experts punch holes in ‘panchnama’, arrest memo.

OUTLOOK EXCLUSIVE: Why Is Pakistan Under Pressure To Beat India In T20 WC, Says Madan Lal

OUTLOOK EXCLUSIVE: Why Is Pakistan Under Pressure To Beat India In T20 WC, Says Madan Lal

India and Pakistan clash in a high-octane ICC Men's T20 World Cup Super-12 match in Dubai on Sunday. Pakistan have never beaten India in a World Cup clash.

Love, Respect, Awe: That's The Way Shah Rukh Khan Looks At Women In His Films

Love, Respect, Awe: That's The Way Shah Rukh Khan Looks At Women In His Films

Shah Rukh Khan is the soothing balm for millions of Indian women living an oppressive life in an insensitive, patriarchal society.

Advertisement