Income tax return filing skyrockets, rises 50% so far this year

 Income tax return filing for assessment year 2018-19 has so far seen a 50 per cent rise since last year, a top finance ministry official said Tuesday.

"This is the effect of demonetisation," Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said on the sidelines a CII event.

Demonetisation has been very good for increasing the tax base of the country. This year, we have already got around 6.08 crore income tax returns, which is 50 per cent higher than last year by this particular date, he said. 

He further added that the revenue department will achieve direct tax collection target, which is 11.5 lakh crore, for the current financial year.

"Our gross direct tax growth rate is 16.5 per cent and net direct tax growth rate is 14.5 per cent, which itself shows that demonetisation really helped in widening and deepening of tax base," the CBDT chief insisted.

He also said that so far 70 countries are sharing information with India under Automatic Exchange Of Information (AEOI).

Chandra said that due to demonetisation, so far, the number corporate tax payers have gone to 8 lakh from 7 lakh last year.

CBDT chief also informed that the board will soon start giving e-PAN within four hours.

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He said that the department has sent two crore SMS to people who had not filed returns or those whose income did not match with their filings.