Income tax returns filings rose over 37 percent in April-January
Between April to January period of the last two financial year, the growth was more subdued at 17 percent and 20 percent, respectively.
New Delhi: The income tax e-returns filed for the April-January period has risen over 37 percent against the corresponding period in FY18. While over 6.3 crore taxpayers filed returns in the initial ten months of the fiscal, the government is expecting Rs 7.6 crore returns to be filed by the end of FY19 against Rs 6.9 crore in FY18.
Between April to January period of the last two financial year, the growth was more subdued at 17 percent and 20 percent, respectively. At the end of FY14, merely an amount of Rs 3.8 crore e-returns was filed. The government has often categorised demonetisation as one of the primary reasons for doubling of I-T returns.
The continued strong growth in returns is in line with the government’s targets, given that it has estimated a 20 percent growth in direct tax collection at Rs 12 lakh crore for FY19.