New Delhi Aug 7 (IANS) Claiming a demonetisation effect the government on Monday said the income tax returns filed in the current fiscal has seen a 25 per cent increase and the advance individual income tax collections have gone up by 42 per cent.
As many as 2.83 crore income tax returns were filed till August 5 this year as compared to 2.27 crore returns filed in 2016-17 assessment year.
The government had extended the deadline to file income tax returns (ITR) to August 5.
"As a result of demonetisation and Operation Clean Money there is a substantial increase in the number of Income Tax Returns (ITRs) filed " the Finance Ministry said here in a statement.
The percentage growth in the number of returns filed in 2016-17 was 9.9 per cent.
The growth in returns filed by individuals this year is 25.3 per cent at 2.79 crore as against 2.23 crore in the corresponding period of 2016-2017.
"This clearly shows that substantial number of new tax payers have been brought into the tax net subsequent to demonetisation " the statement said.
"The effect of demonetisation is also clearly visible in the growth in direct tax collections. Advance tax collections of personal income tax on August 5 showed a growth of about 41.79 per cent over the corresponding period in 2016-2017 " it said.
Personal income tax under Self Assessment Tax (SAT) grew at 34.25 per cent over the corresponding period in 2016-2017.
--IANS
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