<p align="justify">Advance collection of personal income tax (other than corporate tax) rose by over 41% as compared to last year, the government said Monday giving demonetisation the credit for the jump.</p>.<p align="justify"><br />The deadline for filing income tax returns came to a close on August 5.<br /><br />"The effect of demonetisation is clearly visible in the growth in direct tax collection," a finance ministry statement said.<br /><br />Advance collection of personal income tax, as on August 5, showed a growth of about 41.79% as compared to the same period last year.<br /><br />Personal income tax under self-assessment tax grew at 34.25% year-on-year, the ministry said.<br /><br />“The figures amply demonstrate the positive results of the government’s commitment to fight the menace of black money," it said. The number of income tax returns filed grew 25% this year as the number of persons filing returns increased to 2.82 crore as compared to last year, the government said.<br /><br />“As a result of demonetisation and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns (ITRs) filed. The number of returns filed as on 05.08.2017 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of FY 2016-2017, registering an increase of 24.7%,” the ministry said.<br /><br />The growth in income tax returns stood at 25.3% till August 5 compared with the same period last year.<br /><br />“Compared to growth rate of 9.9% in the previous year, the growth in returns filed by individuals is 25.3% with 2,79,39,083 returns having been received up to 05.08.2017 as against 2,22,92,864 returns in the corresponding period of FY 2016-2017,” the ministry said.<br /><br />This clearly shows that substantial number of new tax payers have been brought into the tax net subsequent to demonetisation, it said.<br /><br /> </p>
<p align="justify">Advance collection of personal income tax (other than corporate tax) rose by over 41% as compared to last year, the government said Monday giving demonetisation the credit for the jump.</p>.<p align="justify"><br />The deadline for filing income tax returns came to a close on August 5.<br /><br />"The effect of demonetisation is clearly visible in the growth in direct tax collection," a finance ministry statement said.<br /><br />Advance collection of personal income tax, as on August 5, showed a growth of about 41.79% as compared to the same period last year.<br /><br />Personal income tax under self-assessment tax grew at 34.25% year-on-year, the ministry said.<br /><br />“The figures amply demonstrate the positive results of the government’s commitment to fight the menace of black money," it said. The number of income tax returns filed grew 25% this year as the number of persons filing returns increased to 2.82 crore as compared to last year, the government said.<br /><br />“As a result of demonetisation and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns (ITRs) filed. The number of returns filed as on 05.08.2017 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of FY 2016-2017, registering an increase of 24.7%,” the ministry said.<br /><br />The growth in income tax returns stood at 25.3% till August 5 compared with the same period last year.<br /><br />“Compared to growth rate of 9.9% in the previous year, the growth in returns filed by individuals is 25.3% with 2,79,39,083 returns having been received up to 05.08.2017 as against 2,22,92,864 returns in the corresponding period of FY 2016-2017,” the ministry said.<br /><br />This clearly shows that substantial number of new tax payers have been brought into the tax net subsequent to demonetisation, it said.<br /><br /> </p>
