Posts in: September, 2018

The Larger Purpose of Demonetisation (#NoteBandi) was to move INDIA from a Tax Non-compliant society to a Compliant society – Finance Minister

 

Demonetisation (#NoteBandi) and its impact on Tax collection and Formalisation of the Economy – Sh. Arun Jaitley

The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks.  A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded.

Was the invalidation of the Non-deposited currency the only object of demonetisation?  Certainly Not.  The larger purpose of demonetisation was to move INDIA from a Tax Non-compliant society to a compliant society.  This necessarily involved the formalisation of the Economy and a blow to the black money.

 

How has this been achieved?


Remarkable increase in Filing of Income Tax Return till 31st August 2018 – 5.42 Crores ITRs Filed as compared to 3.17 Crore upto 31st August 2017

Filing of Income Tax Returns registers an upsurge of 71% upto 31st August,2018

There has been a marked improvement in the number of Income Tax Returns(ITRs) filed during FY 2018 (upto 31/08/2018, the extended due date of filing) compared to the corresponding period in the preceding year. The total number of ITRs e-filed upto 31/08/2018 was 5.42 crore as against 3.17 crore upto 31/08/2017, marking an increase of 70.86%. Almost 34.95 lakh returns were uploaded on 31/08/2018 itself, being the last date of the extended due date of filing of ITRs.

A remarkable increase is seen in the number of ITRs in 2 categories ie ITRs filed by salaried Individuals (ITR-1& 2) as also those availing the benefit of the Presumptive Taxation Scheme( ITR-4).

54% Growth in Salaried ITR’s

Read More