Income Tax: ITR filings for 2016-17 grow 25%
By MYBRANDBOOK
Post demonitisation, there is big impact in the Tax collection and the number of I-T returns filed for the year 2016-17 grew by 25 per cent to 2.82 crore, as increased number of individuals filed their tax returns post demonitisation, the finance ministry said.
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. The total number of returns filed as on August 5 stands at over 2.82 crore as against over 2.26 crore filed during the corresponding period of 2016-17. 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 (Hindu Undivided Family), who need not get their accounts audited, was August 5.
The effect of demonetisation is also clearly visible in the growth in direct tax collections. The finance ministry said that the number of ITRs filed showed that substantial number of new tax payers have been brought into the tax net subsequent to demonetisation.
The effect of demonetisation is also clearly visible in the growth in direct tax collections, it said. Advance tax collections of personal income tax (other than Corporate Tax) as on August 5 showed a growth of about 41.79 per cent over the corresponding period in 2016-17. Personal Income Tax under Self Assessment Tax (SAT) grew at 34.25 per cent over the corresponding period in 2016-17. "
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