Income tax returns filings grew by over 37% in April-January

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New Delhi | Updated: February 6, 2019 7:48:05 AM

During the April-January period of the last two fiscals, the growth was more subdued at 17 percent and 20 percent, respectively. At the end of FY14, only 3.8 crore e-returns had been filed. The government has often credited demonetisation as one of the primary reasons for doubling of I-T returns.

The income tax e-returns filed for the April-January period has grown by over 37 percent compared with the corresponding period in FY18. While over 6.3 crore taxpayers filed returns in the first ten months of the fiscal, the government is expecting 7.6 crore returns to be filed by the end of FY19 compared with 6.9 crore in FY18.

During the April-January period of the last two fiscals, the growth was more subdued at 17 percent and 20 percent, respectively. At the end of FY14, only 3.8 crore e-returns had been filed. The government has often credited demonetisation as one of the primary reasons for doubling of I-T returns.

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The continued strong growth in returns augurs well for the government given that it has estimated a 20 percent growth in direct tax collection at Rs 12 lakh crore for FY19. However, as FE reported, the historical trend in direct tax collection shows that the target might be too ambitious.

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