The Ministry of Finance on Monday released a statement saying that Income Tax Returns saw a remarkable rise of 25% this year, while crediting demonetisation for the increase.
The statement released by Central Board of Direct Taxes (CBDT) read, “As a result of demonetisation and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns (ITRs) filed.”
“The growth in returns filed by Individuals is 25.3% with 2,79,39,083 returns having been received upto 05.08.2017 as against 2,22,92,864 returns in the corresponding period of F.Y. 2016-2017,” it further stated.
Post-demonetisation, there has been an aggressive crackdown on undeclared money and this substantial increase in the IT returns is a clear indicator of how tax payers have significantly grown in numbers in the past year.
“The number of Returns filed as on 05.08.2017 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of FY 2016-2017, registering an increase of 24.7% compared to growth rate of 9.9% in the previous year,” the statement said.