E-filing of income tax returns up by 40%

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 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).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.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.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.

from The Economic Times https://ift.tt/2LBXcVA