NEW DELHI, Dec 4 - The number of people filing Income Tax returns have increased 50 per cent to 6.08 crore so far in the assessment year 2018-19 compared to the year-ago period, a top official said on Tuesday.
Central Board of Direct Taxes (CBDT) chairman Sushil Chandra also exuded confidence that the revenue department would achieve direct tax collection target of Rs 11.5 lakh crore for the current financial year ending March 31, 2019.
�Demonetisation has been very good for increasing the tax base of the country. So far this year (assessment year 2018-19), we have already got around 6.08 crore returns which is 50 per cent higher than last year by this particular date. �So this is the effect of demonetisation,� he said.
However, he did not mention the exact date when the filings touched 6.08 crore.
In November 2016, the government cancelled old Rs 500 and Rs 1,000 notes as legal tenders as part of larger efforts to curb illicit fund flows.
�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.
�As on date, total direct tax mop up stood at 48 per cent of the budget estimate (BE),� the CBDT chief said. He also said the number corporate tax payers have gone up to eight lakh as a result of demonetisation.
Speaking at an event organised by industry body CII, Chandra said the CBDT has so far given 2.27 crore refunds during the 2018-19 assessment year, which is 50 per cent higher than the same period a year ago. In the last four years, India�s tax base has gone up by 80 per cent, he added.
Noting that the government was committed to reduce corporate tax rate, he said, �our tax compliance should be good so that the government is in a position to reduce the (corporate) tax rate.� � PTI