A year since note ban: Number of tax payers goes up -Governance Now

A year since note ban: Number of tax payers goes up

From April 1, 2017 to August 5, 2017, 2.79 crore returns have been filed by individual taxpayers as against 2.23 crore returns filed during corresponding period of last year

GN Bureau | November 8, 2017

#demonetisation anniversary #Narendra Modi #note ban #black money #demonetisation #taxpayer

There has been a significant increase in the number of income tax payers following demonetisation that took place on November 8, 2016.

The number of e-filed personal income tax returns (ITRs) filed from April 1, 2017 to August 5, 2017 over the ITRs filed in corresponding period of earlier years have gone up.

The data maintained by the Income Tax department shows that 2.79 crore e-returns of individual taxpayers were received as against 2.23 crore e-returns received during April 1, 2016 to August 5, 2016. Thus, the additional ITRs received in 2017 works out to be 56 lakh.

During the same period of 2015, 2 crore e-returns were received, meaning thereby, that in 2016, only 22 lakh additional e-returns were received by the due date of filing.

Incidentally, the growth in the number of taxpayers discussed in the Economic Survey Volume 2 is based on the number of new taxpayers assuming the previous year’s growth rate as the reference growth rate.

A reply to an unstarred question in Rajya Sabha on August 1, 2017 mentioned that during November 9, 2016 to March 31, 2017 the number of ITRs filed was 1.96 crore as against 1.63 crore filed during the corresponding period of last financial year (2015-16). Therefore, number of additional returns filed during this period works out to be 33 lakh.

From April 1, 2017 to August 5, 2017, 2.79 crore returns have been filed by individual taxpayers as against 2.23 crore returns filed during corresponding period of last year. The number is expected to further rise significantly as many more taxpayers are still to file their returns.

Comments

Other News

CSIR’s new Innovation Complex to foster translational research, industry collaboration

India is home to many small and big industries where research is carried out, yet many innovators are not able to find a platform to bring their ideas into fruition. Despite having a vast network of government laboratories that perform ground breaking research, these innovations struggle to translate into

Deepa Malik and the incredible story of her indomitable spirit

Bring It On: The Incredible Story of My Life By Deepa Malik HarperCollins, 312 pages, Rs 499

RINL gets Rs 11,440 crore revival plan

The Cabinet Committee on Economic Affairs (CCEA), chaired by PM Narendra Modi, has approved the revival plan for RINL for a total of Rs 11,440 crore. The infusion includes ₹10,300 crore as equity capital into Rashtriya Ispat Nigam Ltd. (RINL) and Conversion of ₹1,140 crore working capital loan as 7% No

How SpaDeX Mission revolutionises space exploration

In a historic achievement, the Space Docking Experiment (SpaDeX) mission’s docking operation was successfully completed on Thursday, marking India’s entry into the elite group of nations capable of executing space docking operations. With this success, India becomes the fourth country in the wo

New insights into the Ramayana’s deep cultural resonance

Many Ramayanas, Many Lessons By Anand Neelakantan HarperCollins, 456 pages, Rs 599 The Ramayana, one of the most

Maha Kumbh Mela: A primer on key rituals and practices

The Maha Kumbh Mela, celebrated as the world`s largest spiritual gathering, is a breathtaking convergence of faith, culture, and ancient tradition. Rooted in Hindu mythology, this sacred festival unfolds four times over a course of twelve years, rotating between four revered cities in India: Haridwar, Ujja