The number of income-tax returns has registered an increase of 24.7 per cent for 2016-17 at 2.82 crore owing to demonetisation and operation clean money, the Finance Ministry said on Monday. As a result of demonetization 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 per cent with 2.79 crore returns having been received up to August 5 as against 2.22 crore returns 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 demonetization, the statement said. Personal Income Tax under Self Assessment Tax (SAT) grew at 34.25 per cent over the corresponding period in 2016-2017.

Source: dna August 08, 2017 02:15 UTC