The number of income-tax (I-T) returns filed in April-November rose 50 per cent in 2018-19 over the previous year owing to demonetisation, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said on Tuesday.testing.. we are here....
The number stood at 60.8 million. In the same period, the government collected 48 per cent of its annual target for direct taxes, which is in line with the broad trend of previous years.
In absolute terms, direct tax collection (net) could be close to Rs 5.5 trillion, which is 14.5 per cent higher than last year.
“Strong growth in direct tax collection shows demonetisation has been successful in widening and deepening the tax base, resulting in increased revenue,” Chandra added.
Widening refers to increase in the number of taxpayers, while deepening refers to the increase in the amount declared by them, he said.