Impact of Demonetisation: Taxpayers increase by 40% in June quarter

After the Demonetisation, the number of individual taxpayers has increased due to the strictness of the Income Tax Authorities on tax thieves. In the April-June quarter, there has been an annual increase of 40% of the average tax payments of indigenous. Government believes that the number of taxpayers in this financial year will be more than 60 million. The returns that have been filed till June have already been increased by 15%. Now more people are paying self-assessment tax. The deadline to file an income tax return this year is July 31. Government says that due to Goods and Services Tax (GST) next year, the number of taxpayers may increase.

Taxpayers are increasing due to simplifying tax return filing and giving repeated warnings to tax evaders. The number of taxpayers in the fiscal year 2015-16 was 5.24 million. The government had given this information to the RajyaSabha. One source said that the number can reach 6.25 crore in 2016-17. Advance payment of personal income tax increased by 40.26 percent to Rs 8682 crore in the April-June quarter, from Rs 6,190 crore in the year-ago period. Self-Assessment Tax Collection has also increased 31% in the first quarter.

The effect of the ban on filing. GST has been implemented. Therefore, the number of taxpayers will increase further. Income Tax Authorities have started operational clean money after November 2016, in which tax evaders are being strictly adhered to. It has identified 18 lakh people depositing old notes of 500 and 1,000 rupees after the announcement of the bondage, the amount deposited on their behalf does not match their income profile. After receiving the information about the purchase of expensive goods after the announcement of the note-off, the department had sought the response from the people through email and SMS, whose deposits, investments and purchases were not according to their declared income.

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