There has been a massive 25 percent jump in income tax returns filed this year, the government said today. The government attributed the surge in income tax returns filed this year to the demonetization drive and the fight against black money. The total number of income tax returns filed this year by August 5 is 2.82 crore, which is a massive jump over the last year’s figure of 2.26 crore. It may be recalled that the July 31 deadline for filing income tax returns had been extended to August 5 this year. The average increase recorded in income tax returns filing is around 10 percent, but this year’s 25 percent increase in tax filings clearly indicates that the government’s demonetization move and its fight against black money has started to bear fruit. A big jump has also been witnessed in advance tax collections of personal income tax.
An excerpt from a statement issued by the finance ministry reads, “As a result of demonetization 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% compared to growth rate of 9.9% in the previous year.”