New Delhi: Data tabulated by the Income Tax (IT) department has highlighted a 40 per cent increase in incremental growth in the e-filing of IT returns. As on August 26, data which was accessed by ANI showed that more than 4.37 crore returns were filed for the financial year ending March 31 against 3.10 crore returns for the financial year 17-18 (Assessment Year 16-17). Also Read - I-T Dept Launches e-calculator to Compare Due Tax Under New, Old Regime
A senior IT official told ANI on the condition of anonymity that out of 4.37 crore returns, 2.49 crore was processed. The official further said that the number is expected to increase, with the last date of filing fixed for August 31, with incremental growth each category, especially the returns filed for more than Rs 50 lakh and Rs 1 crore. Also Read - Want to Save Income Tax by Investing in Life Insurance Policies? Know How to do it Here
Furthermore, data revealed that the IT department has already processed 62 lakh refund for the current assessment year, till August 26, against 23 lakh cases in the same period last year, thus reflecting an incremental growth of more than 168 per cent. Also Read - IT Department Revokes Order, Those in Joint Ownership of House to File ITRs Using Form-1, 4
The official further noted that a rise of more than 33 per cent was seen in refunds, with a total of Rs. 88, 998 crore refunded by August 26, as against Rs. 66, 782 crore in the same time last year.
Increase in taxpayer base and compliance with prescribed norms was one of the key agenda during the implementation of the Goods and Services Tax (GST).
The GST Network (GSTN) Chief at a media briefing earlier in the year had announced a significant jump in active taxpayer base, with the number of taxpayers registered with the GST system jumping to over 1.12 crore from an initial 63.76 lakhs.
During the presentation of the Union Budget this year, Finance Minister Arun Jaitley had announced measures to maintain stringency and ensure timely filing of taxes, including the imposition of a penalty in case of late filing of taxes.