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25% rise in ITR filing this fiscal year, due to demonetisation: CBDT

New Delhi: The Central Board of Direct Taxes (CBDT) said on Monday, there has been a substantial increase of 25% in the number of Income Tax Returns (ITRs) filed in the current fiscal year.

The increase is attributed to the initiative of demonetization and Operation Clean Money, it said. According to a statement of I-T department, the number of returns filed as on August 5 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of 2016-2017, reports the Indian Express.

“The growth in returns filed by individuals is 25.3 per cent with 2,79,39,083 returns having been received up to August 5, 2017, as against 2,22,92,864 returns in the corresponding period of 2016-2017. This clearly shows that a substantial number of new tax payers have been brought into the tax net subsequent to demonetisation,” the statement said.

According to the CBDT, the rise in returns show the positive results of government’s efforts to fight the black money. Additionally, CBDT is committed to eradicating tax evasion and widening of tax base.

“The effect of demonetisation is clearly visible in the growth in Direct Tax Collections. Advance Tax collections of Personal Income Tax (i.e. other than Corporate Tax) as on August 5, showed a growth of about 41.79 per cent over the corresponding period in 2016-2017. However, the Personal Income Tax under Self Assessment Tax (SAT) grew at 34.25 per cent over the corresponding period in the financial year 2016-2017,” the statement added.