Government has said, due to demonetization and Operation Clean Money, there has been a substantial increase in the filing of Income Tax Returns. The Finance Ministry said in a statement that the number of returns filed has registered an increase of around 25 per cent compared to 10 per cent in the previous year.
It said, this clearly shows that substantial number of new tax payers have been brought into the tax net following demonetisation. The Ministry said, the effect of demonetization is also clearly visible in the growth in Direct Tax Collections.
Advance Tax collections of Personal Income Tax has also showed a growth of more than 41 per cent over the last financial year. It said, the current figures amply demonstrate the positive results of the government’s commitment to fight the menace of black money.