Finance Minister Arun Jaitley today said that the direct tax revenue collections up to 18th September in current FY 2017-18 rose to Rs. 3.7 lakh crore with a growth of 15.7 per cent. The finance minister said that there has been a “significant” increase in the number of taxpayers from 4.72 crore in FY 2012-13 to 6.26 crore during the Financial Year 2016-17. “Income Tax Department takes various initiatives to bring about efficiency, transparency, and fairness in Tax Administration, ” the Ministry of Finance tweeted quoting Jaitley. FM Jaitley has also maintained that the government is committed to widen the tax base by “encouraging and incentivising” the new tax payers.
Addressing the Foundation Day and Passing-Out Ceremony of 67th Batch of IRS (C&CE) at NACIN, Jaitley also highlighted the other initiatives of the Income Tax Department. He said that corporate tax was reduced to 25 per cent for companies with turnover up to Rs 50 crore thereby covering almost 96 per cent of the companies. The new manufacturing companies incorporated on or after 1st March 2016 were given an option to be taxed at 25 per cent without any deduction, he added
Giving out the details, the finance minister said that 97 per cent of the income tax returns were filed electronically this year, out of which 92% returns were processed within 60 days. Jaitley said that the Income Tax Department, which introduced Grievance Redressal System- E-Nivaran, has solved 84 per cent of 4.65 lakh grievances so far. On black money, Jaitley said, after coming to power the government has enacted the Black Money Act, 2015, Comprehensive Amendments to the Benami Act 1988 and Operation Clean Money among others.
Jaitley said, after demonetisation, between 9th November 2016 and 10th January, 2017, about 1100 searches. The searches resulted in seizure of Rs 610 crore including cash of Rs 513 crore. He said that undisclosed income of Rs. 5400 crore was detected and about 400 cases have been referred to ED and CBI for án appropriate action.