Income Tax

Increase of 25% in number of ITRs filed due to demonetization and Operation Clean Money

Increase of 25% in number of ITRs due to demonetization and Operation Clean Money. Advance Tax (Personal Income Tax) collections also up by 41%

Press Information Bureau
Government of India
Ministry of Finance

07-August-2017 17:13 IST

25% growth in number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41%

As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed. The number of Returns filed as on 05.08.2017 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 growth in returns filed by Individuals is 25.3% with 2,79,39,083 returns having been received upto 05.08.2017 as against 2,22,92,864 returns in the corresponding period of F.Y. 2016-2017. This clearly shows that substantial number of new tax payers have been brought into the tax net subsequent to demonetization.

The effect of demonetization is also clearly visible in the growth in Direct Tax Collections. Advance Tax collections of Personal Income Tax (i.e. other than Corporate Tax) as on 05.08.2017 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.

The above figures amply demonstrate the positive results of the Government’s commitment to fight the menace of black money. CBDT is committed in its resolve to eradicate tax evasion in a non intrusive manner and widening of tax base.

****

DSM/SBS

Calculation of functional disability depends on victim’s earning capacity in open market – SC

Calculation of functional disability depends on assessing the victim’s earning capacity in the open, competitive market – Supreme Court In…

22 hours ago

Income Tax

Appeal against ITAT shall lie only before High Court within whose jurisdiction AO is situated

Appeal against every decision of ITAT shall lie only before the High Court within whose jurisdiction the Assessing Officer who…

2 days ago

Excise/Custom

SC recommends action against Customs Officer who relied upon AI generated fake case laws

Supreme Court recommends action against Commissioner of Customs who relied upon non-existent AI generated case laws. Supreme Court recommends action…

3 days ago

Income Tax

Non- payment of cost imposed can’t trigger automatic confirmation of an invalid exparte assessment.

ITAT power to pass such orders "as it thinks fit" implies a judicial discretion to be exercised within the parameters…

5 days ago

Income Tax

Non-deduction of TDS does not make transaction as unexplained in the hands of deductee – ITAT

Mere non-deduction of TDS by the deductor on a transaction does not change the character of the transaction to make…

7 days ago

ICAI

Last date to submit MEF 2026-27 extended to 09.09.2026

ICAI has extended the last date to online submit Multipurpose Empanelment Form (MEF)- 2026-27 from 29th August 2026 to 9th…