Ministry of Finance
Increase in number of tax payers post demonetization
Posted On: 22 DEC 2017 4:19PM by PIB Delhi
During the period from November 2016 to March 2017, the Income-tax Department (ITD) conducted searches on around 900 groups, wherein undisclosed income of over Rs. 7,900 crores was admitted. During the same period, more than 8200 surveys were conducted leading to detection of undisclosed income of more than Rs. 6700 crores. Further, during the period from April 2017 to October 2017, around 275 groups were searched by the ITD in which undisclosed income of over Rs. 7800 crores was admitted. During the same period, more than 3100 surveys were conducted by the ITD in which undisclosed income of over Rs. 2400 crores was detected.
The number of assessees (taxpayers) has increased post demonetisation. During the current financial year (up to 7.11.2017), 3.89 crore income-tax e-returns were filed as compared to 3.25 crore e-returns filed during corresponding period of last financial year, which translates into a growth rate of 19.5%. The quantum of net direct tax collections in FY 2017-18 (up to November, 2017) has increased to Rs.4.8 lakh crore (provisional) as compared to Rs.4.20 lakh crore collected during corresponding period of last year registering a growth rate of 14.3%.
Various steps taken by the Government to curb cash transactions include:-
This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in written reply to a question in Lok Sabha today.