Income Tax Return Filings Grow 25%: Govt

The growth in ITRs filed by individuals is 25.3 per cent with over 2.79 crore returns having been received up to August 5 as against over 2.22 crore returns filed in the corresponding period last fiscal.

As a result of demonetisation and operation clean money, there is a substantial increase in the number of Income Tax Returns (ITRs) filed, said the tax department, adding ITRs filed for 2016-17 year grew by 25 per cent to 2.82 crore.   
 
The growth in ITRs filed by individuals is 25.3 per cent with over 2.79 crore returns having been received up to August 5 as against over 2.22 crore returns filed in the corresponding period last fiscal.
 
During the corresponding period of 2016-17, the total number of returns filed as on August 5 stands at over 2.82 crore as against over 2.26 crore. This was an increase of 24.7 per cent compared to growth rate of 9.9 per cent in the previous year.
 
The last date for filing of income tax returns by individuals and HUFs, who need not get their accounts audited, was August 5.
 
The number of ITRs filed showed that substantial number of new tax payers have been brought into the tax net subsequent to demonetisation, said the finance ministry. 
 
The effect of demonetisation is also clearly visible in the growth in direct tax collections. 
 
(Source: Agency) 

Event date: 
Tuesday, August 8, 2017

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