Skip to main content

‘There’s No Inconsistency in Data on Taxpayers’

‘There’s No Inconsistency in Data on Taxpayers’
The Central Board of Direct Taxes has said number of individuals filing income tax returns jumped to 2.79 crore this year from 2.23 crore, an increase of 56 lakh as stated by Prime 
Minister Narendra Modi in his Independence Day speech. The apex direct taxes body said there is no inconsistency in the data.
The statement comes after doubts were raised in some quarters over the data given out by government at different points in time. “It is clarified that there is no inconsistency in the data provided by the government in the statements referred to above as these are in different contexts and for different time periods,” a CBDT statement said on Friday. The Prime Minister's speech (on August 15) referred to the increase in number of e-filed Personal Income Tax Returns (ITRs) filed from April 1, 2017 to August 5, 2017 over the ITRs filed in corresponding period of earlier years. “The data maintained by the Income Tax Department shows that during April 1, 2017 to August 5, 2017, 2.79 crore e- returns of individual taxpayers were received as against 2.23 crore e-returns received during April 1, 2016 to August 5, 2016. Thus, the additional ITRs received in 2017 works out to be 56 lakh,” CBDTsaid in a statement.
In 2015, two crore e-returns were received. This meant that 23 lakh additional tax payers filed returns in 2016. A top finance ministry official said the people are trying to find fault where none lies. “The CBDT had in a press statement on August 7 released the very same numbers and what the Prime Minister said in his independence day speech was exactly in line with that,” he said.
On the data in the Economic Survey Vol.2 released on August 12, mentioning of 5.4 lakh new taxpayers, the statement said on page-22 of the report it is stated the numbers are for the period November 8, 2016 to March 2017 and corresponding periods of last two years.
“Moreover, the growth in the number of taxpayers is based on the number of new taxpayers assuming the previous year’s growth rate as the reference growth rate,” it said.
Central Board of Direct Taxes has said number of individuals filing income tax returns jumped to 2.79 crore this year from 2.23 crore.
The Economic Times, New Delhi, 19th August 2017

Comments

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...

Luxury carmakers urge clarity on GST rates to boost festive season sales

  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...

Sebi proposes tighter norms for green bond third-party reviewers

  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...