Demonetization Effect: 25% Increase in ITR filings

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  • Operation Clean Money has been a successful step resulting an increase of 25% of ITR filings as compared to last year or post demonetization. An essential step taken by Mr. Narendra Modi in eradicating black money clearly shows an increase in number of tax payers. About 2.87 crores ITRs have been filed to that of 2.27 crores in F.Y. 2016-17.
  • Direct Tax Collections also shows a growth. Personal Income Tax under Self-Assessment Tax been brought at 34.25% over the corresponding period in F.Y. 2016-17.
  • The last date of filing the income tax return was 5 August,2017 for individuals and HUFs who need not get their accounts audited.
  • An unexpected result of increased registered tax payers indicates a positive side of demonetization. There’s more to come.

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