Skip to main content

DeMo Impact : Individual I-T Returns Up 25%

DeMo Impact : Individual I-T Returns Up 25%
With the Centre tightening the screws on black-money holders, the number of income-tax returns (ITRs) filed this fiscal year has risen nearly 25 per cent.
According to official data released on Monday, the total number of ITRs filed till August 5 grew 24.7 per cent to 2.82 crore, as against 2.26 crore during the corresponding period of 2016-17.
The number of returns filed by individuals rose 25.3 per cent to 2.79 crore, as against 2.22 crore in the previous fiscal year.
“This clearly shows that substantial number of new tax payers have been brought into the tax net subsequent to demonetisation,” said the Finance Ministry.
August 5 was the last day for filing income-tax returns after the deadline was extended from July 31.
The Income-Tax Department had launched ‘Operation Clean Money’ to look into suspicious cash deposits during the note-ban period.
Taxpayers also had to declare cash deposits of over ?2 lakh made in their bank accounts during the demonetisation window.
In addition, they were required to link their Permanent Account Numbers with their Aadhaar numbers, and quote the 12-digit biometric identity in their returns.
Direct tax collections up
The Finance Ministry’s statement further said the effect of demonetisation was also visible in direct tax collections.
As of August 5, advance tax collections of personal income tax had risen 41.79 per cent. Similarly, personal income tax under self assessment grew 34.25 per cent from the year-ago figures.
The Economic Times, New Delhi, 08th August 2017

Comments

Popular posts from this blog

RBI minutes show MPC members flagged upside risks to inflation

RBI minutes show MPC members flagged upside risks to inflation Concerns about economic growth and easing inflation prompted five of the six monetary policy committee (MPC) members to call for a cut in the repo rate, but most warned that prices could start accelerating, show the minutes of the panel’s last meeting, released on Wednesday. The comments reflected a tone of caution and flagged upside risks to inflation from farm loan waivers, rise in food prices, especially vegetables, price revisions withheld ahead of the goods and services tax, implementation of house rent allowance under the 7th pay commission and fading of favourable base effect, among others. On 2 August, the panel chose to cut the repurchase rate—the rate at which the central bank infuses liquidity in the banking system—by 25 basis points to 6%. One basis point is one-hundredth of a percentage point. Pami Dua, professor at the Delhi School of Economics, wrote that her analysis showed “a fading economic growth outlook, as …

Shrinking footprints of foreign banks in India

Shrinking footprints of foreign banks in India Foreign banks are increasingly shrinking their presence in India and are also becoming more conservative than private and public sector counterparts. While many of them have sold some of their businesses in India as part of their global strategy, some are trying to keep their core expertise intact. Others are branching out to newer areas to continue business momentum.For example, HSBC and Barclays Bank in India have got out of the retail business, whereas corporate-focused Standard Chartered Bank is now trying to increase its focus on retail “Building a retail franchise is a huge exercise and takes a long time. You cannot afford to lose it,” said Shashank Joshi, Bank of Tokyo-Mitsubishi UFJ’s India head.According to the Reserve Bank of India (RBI) data, foreign banks’ combined loan book shrunk nearly 10 per cent from Rs 3.78 trillion in fiscal 2015-16 to Rs 3.42 trillion last financial year. The banking industry, which includes foreign banks…

Differential Tax Levy under GST: Food Firms May De-Register Trademarks

Differential Tax Levy under GST:Food Firms May De-Register Trademarks The government’s decision to charge an enhanced tax rate on trademark food brands is leading several rice, wheat and cereal manufacturers to consider de-registering their product trademarks. Irked by the June 28 central government notification fixing a 5 per cent goods and services tax (GST) rate on food items packaged in unit containers and bearing registered brand names, the industry has made several representations to the government to reconsider the differential tax levy, which these players say is creating an unlevel playing field within these highly-competitive and low-margin industries. Sources say that the move has affected the packaged rice industry the hardest and allowed the un-registered market leaders, India Gate and Daawat, to gain advantage as compared to other registered brands such as Kohinoor and Lal Qilla. Smaller players are even more worried with this enhanced rate of tax (against the otherwise …