The financial year FY2018-19 is certainly going to be one of the best years so far as income tax return filing is concerned. According to a report in the Economic Times, income tax filing in the current fiscal till December 30 rose 43% to 6.21 crore. The government expects the number of I-T return filing to hit the 7 crore mark by the end of the financial year.
According to data released by the government on Monday, gross direct tax collection in the current financial year till December increased 14.1% to Rs. 8.74 lakh crores led by 23.8% growth in personal income tax collection. Corporate income tax collection during the same period grew 16% to Rs 3.64 lakh crore.
According to the ET report, out of the 6.21 crore returns, 3 crore was through ITR-1, the simplest income tax return form.
Meanwhile, the government has issued refunds to a record 2.4 crore taxpayers as of December 2018, a rise of 53% from last year, the business daily said. Worth mentioning here that the data refutes the earlier speculation that the government may delay refunds to meet the fiscal deficit target.
The government has set out a fiscal deficit target of 3.3% of GDP for the current financial year. At the end of November, fiscal deficit had already reached 114.8 per cent of the fullyear estimates.
According to the ET report, the online submission and processing of income tax returns have also helped speed up refunds. “This is highest ever issuance of refunds… The department’s emphasis is on timely issue of refunds,” the daily quoted an official from the Central Board of Direct Taxes as saying. In value terms, Rs 1.31 lakh crore has been paid out to taxpayers till December, 17.02% higher than the corresponding month of last fiscal.