The number of people filing income tax returns increases 50 per cent

New Delhi: The Central Board of Direct Tax (CBDT), declared that the number of people filing income tax returns has increased by a good 50 per cent, in the current year in comparison to last year, crossing a remarkable 6 crores. Also, Sushil Chandra, the Director of CBDT, exuded confidence that the actual tax collection target of Rs 11.5 lakh crore for the current financial year will be achieved.

income tax returns, indiaThe number of taxpayers has risen in the last four years, especially after the year 2016, there is a notable increase. The number of corporate taxpayers along with general taxpayers has gone up to 8 lakh. So far, more than 48 per cent of direct tax than the estimated budget has been collected. Chandra further said that the scope of tax collection has also increased by 80 per cent in four years and further assured that till March 31, 2019, the revenue department will achieve Rs 11.5 lakh crore direct tax collection targets.

6.08 crore taxpayers have filed income tax returns which is 50 per cent higher than last year. However, Chandra had not clarified the exact date when the filings achieved the number Moreover, the government is looking forward to reducing the corporate tax rate. However, if discipline prevails in the tax system, only then the government will be in a position to lower corporate tax, informed Chandra.

Besides, CBDT plans to obtain a new system for e-PAN (Permanent Account Number). PAN will be provided within four hours after receiving an application. An Aadhar Card number would be the only prerequisite. This system will be operational in the next year, assured Chandra.