Income tax base expands by 9.1 mn people after note ban: FM Jaitley
The tax base of income expands by 9.1 million people after the prohibition of the note: FM Jaitley
The government’s decision to dismantle 500-500 rupees has helped authorities carry 9.1 million people under the tax network as the money has lost its anonymity, the Union Finance Minister said on Tuesday, Arun Jaitley. This is about a quarter of 37 million people filing tax returns in 2015-16.
Jaitley said demonetization had given a boost to digitization and led to an increase in the number of murderers and tax revenues. The Nov. 8 announcement had also instilled fear among people about the cash deal, he said.
“A message has come out clearly according to the steps taken by CBDT post demonetization – it is no longer safe to deal with excessive money and tax money evaded … It is quite clear that those who have been indulging in all these are not Safer, “Jaitley said.
After the demonetization, there has been a rise in the collection of income tax on individuals, said the finance minister, adding that the new portal would help honest taxpayers.
Sushil Chandra, chairman of the Central Board of Direct Taxes (CBDT), said there was a 17 percent growth in gross revenue, which was Rs 1.46 lakh crore more than last year.
There was a 22 percent growth in electronic filings after demonetization, he said. The total returns presented until March were 52.8 million, and of that 98% electronic returns were filed.
The number of allocations to the PAN increased from 100,000 to 200,000 a day, and the tax department had allocated more than 300 million PAN to several people, he said.
The Clean Money Operation was inia
In the first phase, about 1.8 million people were identified in which case, cash transactions did not appear in line with the taxpayer profile.
More than 972,000 taxpayers submitted their response without visiting the income tax office until May 12.
These contributors have provided a response of 1.3 million accounts with cash deposits of around Rs 2.89 lakh crore. Online responses have been evaluated and no further action will be taken in cases of satisfactory explanation, an official statement said.
In addition, the department has also identified 371,000 new accounts related to 158,000 taxpayers who made a partial statement of accounts and amounts in responses under Phase 1 of Clean Money Operation ….