Income Tax Collections Rise 42 percent in India

Tax compliance in India has improved: more than 28.2 million taxpayers filed their tax returns for the 2016-17 financial year before the extended deadline of August 5 — a 24.7% increase over the previous year, the Federal Board of Direct Taxes announced. Though the deadline for filing returns is over, taxpayers can file returns for FY17 till 31 December, after paying a penalty of $78.

Live Mint reports that the number of individual filers rose 25.3% in the April-August tax period of 2017-18 to 27.9 million, the Federal board of Direct Taxes said. The amount of advance personal tax collected during the period also surged 42% over the same period of last year.

“Part of the growth in returns filed can be attributed to the demonetization exercise. Those who have made cash deposits in banks after demonetization may be among those who have newly come into the category of return filers,” said Amit Maheshwari, partner, Ashok Maheshwary and Associates Llp.

 

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Posted on by Gunjan Bagla
Gunjan Bagla
California-based management consultant Gunjan Bagla runs Amritt, a consulting firm helping American companies to succeed in India. Amritt is the trusted advisor for India market research, India business development, India market entry, Global Engineering, Global Technology Scouting, India R&D and Open Innovation. Gunjan is author of "Business in 21st Century India: How to Profit Today from Tomorrow’s Most Exciting Market" (Hachette Book Group, 2008), Amazon's top rated title on the subject. He has appeared as the India Expert on BBC Television, Bloomberg TV, Fox Cable Business and has been quoted in the New York Times, the Los Angeles Times, the Hollywood Reporter and Business Week for his expertise on India.

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