Government can earn big revenue from Income tax this year: report
Thursday - August 30, 2018 2:37 pm ,
Category : WTN SPECIAL
30 thousand crores of additional earnings form income tax returns: Report
AUG 30 (WTN) - If believe on experts, so this year the government can earn big money from the income tax. According to information received from the media, a report from SBI, that is, State Bank of India said that due to the demonetization and operation clean money; there may be increase in income tax returns persons. It has been said in this report that the number of income-tax returns has been increased by 53 percent in the last financial year.
According to the information, about 3.43 crore people have paid income tax return by 31 July 2018. In the last financial year, only 2.24 crore people had filled the income tax return. Clearly, the increase in income tax returns will give the government more revenue. According to the SBI report, if there is an increase of 30 per cent over the previous year, then 20 million new taxpayers will file their returns in the current year.
If 25 percent of them pay tax of Rs 5,000 each month, then the government can get an additional 30 thousand crores. Of this, 75 percent of the taxpayer will file a return of zero income, but this can also be of much benefit. According to SBI, they have estimated the least income from the tax in the report. Many of these taxpayers may also have higher income.
For your information, let you know that the date of filing income tax returns this year has increased by one month to 31st August. Earlier, the tax filing date was July 31. It is being said that due to this reason the number of tax returns can increase this year too. Meanwhile, the date for filling the income tax for the people of Kerala affected by the worst flood of the century has been increased from 15 days to 15 September.
AUG 30 (WTN) - If believe on experts, so this year the government can earn big money from the income tax. According to information received from the media, a report from SBI, that is, State Bank of India said that due to the demonetization and operation clean money; there may be increase in income tax returns persons. It has been said in this report that the number of income-tax returns has been increased by 53 percent in the last financial year.
According to the information, about 3.43 crore people have paid income tax return by 31 July 2018. In the last financial year, only 2.24 crore people had filled the income tax return. Clearly, the increase in income tax returns will give the government more revenue. According to the SBI report, if there is an increase of 30 per cent over the previous year, then 20 million new taxpayers will file their returns in the current year.
If 25 percent of them pay tax of Rs 5,000 each month, then the government can get an additional 30 thousand crores. Of this, 75 percent of the taxpayer will file a return of zero income, but this can also be of much benefit. According to SBI, they have estimated the least income from the tax in the report. Many of these taxpayers may also have higher income.
For your information, let you know that the date of filing income tax returns this year has increased by one month to 31st August. Earlier, the tax filing date was July 31. It is being said that due to this reason the number of tax returns can increase this year too. Meanwhile, the date for filling the income tax for the people of Kerala affected by the worst flood of the century has been increased from 15 days to 15 September.
