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More people paid taxes after demonetization

More people paid taxes after demonetization

The number of taxpayers across the country has increased after demonetization. About 3.89 crore Income Tax e-returns were filed during the current financial year till November 7, registering a growth of 19.5 per cent.

In the corresponding period of last financial year, 3.25 crore IT e-returns were filed, Shiv Pratap Shukla, Minister of State for Finance, informed the Lok Sabha on Friday.

The quantum of net direct tax collections in FY 2017-18 (up to November, 2017) has increased to Rs 4.8 lakh crore (provisional) as compared to Rs 4.2 lakh crore collected during the corresponding period of last year, thus registering a growth rate of 14.3 per cent, as per the information in the written reply.

 

During the period from November 2016 to March 2017, the IT department conducted searches on around 900 groups, wherein undisclosed income of over Rs. 7,900 crores was admitted. During the same period, more than 8200 surveys were conducted leading to detection of undisclosed income of more than Rs.6700 crores.

 
From April 2017 to October 2017, around 275 groups were searched by the ITD in which undisclosed income of over Rs. 7800 crores was admitted. During the same period, more than 3100 surveys were conducted by the ITD in which undisclosed income of over Rs. 2400 crores was detected.

The government has taken various steps to curb cash transactions including Central Board of Direct Taxes (CBDT) notification mandating PAN for all cash deposits above Rs 50,000 and aggregating to more than 2.5 Lakhs during the period from 9 November, 2016 to 31 December, 2016. Many other such steps were taken over a period of last few months towards this.

The total amount of direct taxes collected during FY 2016-17 is Rs 8,49,818 crore (provisional) as against the Budget estimates of Rs 8,47,098 crore.

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