In a first in recent history of tax filings, income tax e-filings in FY2019 have dropped by more than 6.6 lakh, a trend that analysts said was surprising as tax base was expected to increase post demonetisation. According to statistics put out on Income Tax Department's e-filing website, income tax e-filings in FY 2018-19 was 6.68 crore, down from 6.74 crore in the previous fiscal. Kotak Economic Research in an April 30 report said: "We are surprised with the decline in income tax e-filing in FY2019." "Tax filings have surprisingly plateaued in FY2019. The data showed a steady rise in filers in the Rs 5 lakh to Rs 10 lakh range with 1.05 crore filings in FY2018-19 including 1.02 crore of individual taxpayers.

Source: dna May 05, 2019 15:56 UTC