28.2 million taxpayers filed returns till August 5, says CBDT
NEW DELHI: Tax compliance has improved. More than 28.2 million income taxpayers filed their returns for the 2016-17 financial year before the extended deadline of August 5, a 24.7% increase over the previous year, the Central Board of Direct Taxes (CBDT) said on Monday.
In April-August of last year, relating to FY16, there was a 9.9% increase in returns filed, the statement said. More than 22.6 million returns were filed in that period.While the deadline for filing returns may be over, taxpayers can still do so for FY17 till December 31, after paying a penalty of ₹5,000.
By the end of March, the number of people who file returns for FY17 is expected to show a similar jump on an annual basis. Besides a penalty, late filers cannot carry forward losses except in the case of house property.
The tax department attributed the “substantial” increase in filing of returns before the deadline to Operation Clean Money launched after last November’s demonetisation exercise.
“The above figures amply demonstrate the positive results of the government’s commitment to fight the menace of black money. CBDT is committed in its resolve to eradicate tax evasion in a non-intrusive manner and widening of tax base,” said the statement.
The number of taxpayers is actually more than the number of return filers as many people get their taxes deducted by their employers, but do not file returns. CBDT chairman Sushil Chandra on July 24 said the number of taxpayers had moved up substantially to 62.6 million at the end of 2016-17 from about 40 million earlier.
Those with taxable income of over ₹5 lakh have to file returns online.
Income tax return filers include both individuals as well as businesses registered as partnerships and companies.
The number of individual filers rose 25.3% in the April-August period of 2017-18 to 27.9 million, the CBDT said.