Demonetisation effect: Advance tax collections up 42%, returns filed up 25%

Returns filed by this date stood at 28.3 mn against 22.7 mn in corresponding period of 2016-17

Demonetisation effect: Advance tax collections up 42%, returns filed up 25%

The effect of demonetisation was clearly seen in the growth of returns and taxes paid by individuals by 5, the extended deadline for filing income tax returns.

The number of returns filed by this date stood at 28.3 million against 22.7 million during the corresponding period 2016-2017, registering an increase of 24.7 per cent. The growth in the same period last year was 9.9 per cent.

The growth in returns filed by individuals is 25.3 per cent with 27.9 million having been received up to August five against 22.3 million in the corresponding period of FY 2016-2017.(economy news)

“This clearly shows that a substantial number of new tax payers have been brought into the tax net subsequent to demonetisation,” the Central Board of Direct Taxes (CBDT) said in a statement here.

The effect of demonetisation 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 per cent as on August 5 over the corresponding period in FY 2016-2017. Personal income tax under self-assessment tax (SAT) grew at 34.25 per cent over the corresponding period in FY 2016-2017.

“The figures amply demonstrate the positive results of the Government’s commitment to fighting 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,” the statement said.

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