Number of people filing income tax in India jumps by 26% Number of people filing income tax in India jumps by 26%

Number of people filing income tax in India jumps by 26%
19 Apr 2018

The number of people filing income tax in India increased by nearly 10 million in 2017-18, taking the total amount of returns filed to 68.4 million, up 26% on the previous year.

According to the Economic Times, the jump allowed the government to meet its direct tax collections target for the financial year and almost reach its slightly higher revised numbers for the year too.

The Central Board of Direct Taxes (CBDT) said in a statement: "The increase in total returns filed and new returns filed during FY 2017-18 is a result of sustained efforts made by the Income Tax Department in following up with potential non-filers through email, SMS, statutory notices, outreach programmes etc as well as through structural changes made in law and the government’s emphasis on widening of tax net."

The provisional numbers released by CBDT show net direct tax collections at Rs9.95 trillion (US$152 billion), 17.1% more than net collections for 2016-17. Gross collections before refunds rose 13% to Rs11.44 trillion (US$180 billion). Net corporate income tax collection rose 17.1%, while personal income tax, including Securities Transaction Tax, leapt by 18.9%.

Emma

Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.

 

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The number of people filing income tax in India increased by nearly 10 million in 2017-18, taking the total amount of returns filed to 68.4 million, up 26% on the previous year.

According to the Economic Times, the jump allowed the government to meet its direct tax collections target for the financial year and almost reach its slightly higher revised numbers for the year too.

The Central Board of Direct Taxes (CBDT) said in a statement: "The increase in total returns filed and new returns filed during FY 2017-18 is a result of sustained efforts made by the Income Tax Department in following up with potential non-filers through email, SMS, statutory notices, outreach programmes etc as well as through structural changes made in law and the government’s emphasis on widening of tax net."

The provisional numbers released by CBDT show net direct tax collections at Rs9.95 trillion (US$152 billion), 17.1% more than net collections for 2016-17. Gross collections before refunds rose 13% to Rs11.44 trillion (US$180 billion). Net corporate income tax collection rose 17.1%, while personal income tax, including Securities Transaction Tax, leapt by 18.9%.

Emma

Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.

 

RELATED ARTICLES:  

Registering an Indian employment visa

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