71% surge in Income Tax Returns filed till August 31

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New Delhi | Published: September 2, 2018 1:05:43 AM

The government on Saturday credited demonetisation for a jump in income-tax e-returns filed by taxpayers till August 31, which was the last day of the extended deadline.

71% surge in Income Tax Returns filed till August 31

Among other factors, the government on Saturday credited demonetisation for a jump in income-tax e-returns filed by taxpayers till August 31, which was the last day of the extended deadline. During this period, the number of income tax e-returns filed grew by nearly 71% compared to the corresponding period last year.

“The increase in the number of returns reveals a marked improvement in the level of voluntary compliance of taxpayers, which can be attributed to several factors, including impact of demonetisation, enhanced persuasion and education of taxpayers,” the government said.

It said the impending provision of late fee, which would be effective on late filing of returns was also a reason.

Till Friday, 5.42 crore e-returns were filed as against 3.17 crore, with nearly 35 lakh returns being filed on the last day, the government said in a statement.

The increase in e-filing was primarily driven by individual salaried taxpayers with 3.37 returns, a jump of 54% compared with the corresponding period last year. These assesses file ITR-1 and 2. This was complemented a 681% increase in returns filed by taxpayers availing the benefit of presumptive tax. These taxpayers, who are required to file ITR-4, amounted to 1.17 crore e-returns till August 31 compared with just under 15 lakh a year ago.

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