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Over one crore new income tax filers added in FY18

The income tax collections during the 2017-18 fiscal have exceeded the Budget target at Rs 9.95 lakh crore, helped by the addition of one crore new assessees who have started filing income tax returns

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 New Delhi: As against 5.43 crore ITRs filed during FY 2016-17, in 2017-18 as many as 6.84 crore returns were filed, a growth of 26%. Of this, 6.74 crore returns were e-filed.

Giving comparative figure of a number of returns filed, CBDT Chairman Sushil Chandra said the figure for 2017-18 shows a growth of 80.5% over 3.79 crore ITRs filed in 2013-14.

Chandra said the number of assessees added during the fiscal is around a crore, which is a very good achievement by the department and government’s emphasis that more persons should come into the tax net.

The income tax collections during the 2017-18 fiscal have exceeded the Budget target at Rs 9.95 lakh crore, helped by the addition of one crore new assessees who have started filing income tax returns.

 

CBDT Chairman said that as per data collected so far, tax collections for 2017-18 is Rs 9.95 lakh crore, which is 17.1% higher than a net collection of 2016-17. The Budget estimate for the 2017-18 fiscal was Rs 9.80 lakh crore.

Asked if the revised estimates of Rs 10.05 lakh crore from direct tax collection was too aggressive, Finance Secretary Hasmukh Adhia said, “We should always try to be more aggressive when it comes to targets”.

“I hope this Rs 9.95 lakh crore will reach up to more than Rs 10 lakh crore. At least next 3-4 days, we will get an adjustment of Rs 5,000 crore. It will be a landmark if we achieve Rs 10 lakh figure in the current year,” said Adhia, who is also the Revenue Secretary.

The growth rate for net collections for corporate income tax is 17.1% and the same for personal income tax (including STT) is 18.9%.

“This was because of continuous follow up by our department. We have issued a large number of SMS, emails on the basis of data with us. Because of which new returns have come and around Rs 13,000 crore of self-assessment tax has come in last two months because of continuous follow up by the department. In a non-intrusive manner, we have intimated to the assessees about their assets, properties and that’s why they have filed returns,” Chandra said.

Adhia further said that the government will meet the 3.5% fiscal deficit target for 2017-18 as broadly direct and indirect collections are in line with expectations and there have been some savings on expenditure.

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