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Demonetization Effect: IT Returns Filed in Apr-Nov Increase by 50%
December 06, 2018
Chairman of the Central Board of Direct Taxes (CBDT) Sushil Chandra said that the number of Income Tax (IT) returns filed during Apr-Nov this financial year increased 50% on a year-over-year basis because of demonetization. He said that the total number of ITRs filed stood at 60.8 million and that the government has collected 48% of the target amount in direct taxes already. He said the direct tax collection is expected to be 14.5% higher than last year.
Chandra said that apart from demonetization, measures like stringent guidelines for ITR including penalties for late payments also helped in widening and deepening the tax base.
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