INSUBCONTINENT EXCLUSIVE:
Almost 34.95 lakh returns were e-filed on August 31, 2018.New Delhi: The number of income tax return (ITR) filings surged 71 per cent to
5.42 crore till August 31 - the last date for submission for financial year 2017-18
This was led by a massive eight-fold jump in returns filed by entities under the presumptive tax scheme and 54 per cent increase in e-filing
attributed to several factors, including the impact of demonetisation, enhanced persuasion and education of taxpayers as also the impending
e-filed up to August, 2018, was 5.42 crore as against 3.17 crore up to August 31, 2017, marking an increase of 70.86 per cent.Almost 34.95
till August 31 increased to 3.37 crore from 2.19 crore returns filed during the corresponding period of 2017, registering a growth of almost
54 per cent.As many as 1.17 crore ITRs were e-filed by persons availing the benefit of Presumptive Tax, compared to 14.93 lakh returns filed
41 per cent more returns were filed during this year which shows that many more persons are joining the tax net under simplified scheme
traders and entrepreneurs with annual turnover of less than Rs 2 crore and introduced a similar scheme for professionals with annual
turnover of less than Rs 50 lakh with the hope that there would be significant increase in compliance.The I-T Department had received 44.72
lakh returns for assessment year 2017-18 (financial year 2016-17) from individual, Hindu undivided family (HUF) and firms with a meagre
professionals is no better; the department has received 5.68 lakh returns under the presumptive income (taxation) scheme for assessment year
2017-18 with average gross receipts of Rs 5.73 lakh only
