Post-demonetisation number of taxpayers increased: FinMin

Undisclosed income of over Rs 7,900 crore was admitted during the searches conducted by the Income-Tax Department (ITD) between November 2016 and March 2017 on around 900 groups, said MoS for Finance Shiv Pratap Shukla today.
 
Shiv Pratap Shukla, Minister of State for Finance, in written reply to a question in Lok Sabha said during the same period, more than 8,200 surveys were conducted, leading to the detection of undisclosed income of more than Rs 6,700 crore.
 
During the period from April 2017 to October 2017, ITD conducted search operation on around 275 groups, in which undisclosed income of over Rs 7,800 crore was admitted. The ITD conducted more than 3,100 surveys during the same period, and detected undisclosed income of over Rs 2,400 crore, the statement said.
 
The number of assessees (taxpayers) has increased after demonetisation. During the current financial year (FY) (till November 7), 3.89 crore income-tax e-returns were filed compared to 3.25 crore e-returns filed during the corresponding period of the last financial year, which translates into a growth rate of 19.5%.
 
The quantum of net direct tax collections in FY 2017-18 (till November) has increased to Rs 4.8 lakh crore (provisional) compared to Rs 4.20 lakh crore collected during the corresponding period of the last financial year, a growth rate of 14.3%.
 
Various steps taken by the government to curb cash transactions include:
 
-Central Board of Direct Taxes (CBDT) issued notification making PAN mandatory for all cash deposits above Rs 50,000·
 
-Prescribed reporting entities were mandated to report all cash deposits above Rs 2.5 lakhs in savings accounts and Rs 12.5 Lakhs in current account during the said period.
 
-Restriction on cash transaction of Rs 2 lakh or more were imposed.
 
-No deduction under section 80G allowed if cash donation exceeds Rs 2,000·