India's income tax return filing rate goes up by 25%

10 Aug 17

India’s income tax return filing rate has risen by 25% since the country demonetised certain large banknotes, its Central Board of Direct Taxes has said.

Direct tax collections to July 2017 stood at rupees 1.90tn, which was 19.1% higher than the net collections a year earlier.

This collection was equivalent to 19.5% of the total budget estimates of direct taxes for the financial year 2017-18.

Growth rates for corporate income tax and personal income tax were 7.2% 17.5% respectively.

India media reports said the finance ministry attributed this progress to the demonetisation of November 2016 when the 500 and 1,000 rupee notes were discontinued in an effort to reduce corruption and forgery.

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