CBDT highlights 25 per cent surge in filing of IT returns
Aug 10 2017 by Johnny Bowman
The percentage growth in the number of returns filed in 2016-17 was 9.9 per cent.
The number of income tax return filed this year grew by almost 25 per cent, the government said, citing the success of demonetisation or notes ban in curbing black money.
The number of Income Tax returns filed by individuals has jumped to 2,79,39,803 till August 5 as against 2,22,92,864 returns filed a year ago.
Direct tax collection also showed a strong growth. "For returns that have been e-filed online, a rectification request also has to be filed online by logging into the taxpayer's account on the income tax department website", Gupta said.
"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.
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While linking of Aadhaar with the Permanent Account Number (PAN) was made mandatory this year for filing Income Tax returns, the Ministry of Finance later said that the actual linking can be done before August 31.
Advance Tax collections of Personal Income Tax has also showed a growth of more than 41 per cent over the last financial year.
Archit Gupta, Founder and CEO Cleartax, said that once the income tax returns have been processed by the tax department, the taxpayer can make changes by filing a rectification request under Section 154 (1).
"The growth in returns filed by individuals is 25.3%", the CBDT said, adding that they had received more than 2.79 crore returns till August 5, the last day to file them. The government attributed the surge in income tax returns filed this year to the demonetization drive and the fight against black money. CBDT is committed in its resolve to eradicate tax evasion in a non intrusive manner and widening of tax base.
A rectification request can be filed for Returns which are already processed in CPC, Bangalore. A big jump has also been witnessed in advance tax collections of personal income tax.