The government has released provisional figures of direct tax collections for FY 2017-18. According to the data, in FY 2017-18, 6.84 crore income tax returns (ITRs) were filed with the Income Tax Department as compared to 5.43 crore ITRs filed during FY 2016-17, a growth of 26 per cent. Driving the growth in the number of income tax return filings is the growth in new ITR filers. The government data shows the number of new ITR filers has increased to 99.49 lakh (as on 30.03.2018) during FY 2017-18, as compared to 85.51 lakh new ITR filers added during FY 2016-17, a growth of 16.3 per cent. The government also said that refunds amounting to Rs.1.49 lakh crore have been issued during 2017-18.
10 Things To Know About Income Tax Returns filed for FY 2017-18
1) The data show that net direct tax collections are at Rs.9.95 lakh crore which is 17.1 per cent higher than the net collections for FY 2016-17.
2) The net direct tax collections represent 101.5 per cent of the budget estimates (Rs.9.8 lakh crore) and 99 per cent of the revised estimates (Rs.10.05 lakh crore) of direct taxes for FY 2017-18.
3) The growth rate for net collections for corporate income tax (CIT) is 17.1 per cent.
4) For personal income tax (including STT) the growth in net collections is 18.9 per cent.
5) Gross collections (before adjusting for refunds) in FY 2017-18 have increased by 13 per cent to Rs.11.44 lakh crore.
6) Refunds amounting to Rs.1.49 lakh crore have been issued during 2017-18.
7) The government said that there has been a sustained increase in the number of ITRs filed in the last four financial years.
8) As compared to 3.79 crore ITRs filed in FY 2013-14, the number of ITRs filed during FY 2017-18 (6.84 crore) has increased by 80.5 per cent.
9) The increase in total returns filed and new returns filed during FY 2017-18 is a result of sustained efforts made by the Income Tax Department in following up with potential non-filers through email, SMS, statutory notices, outreach programmes, etc. as well as through structural changes made in law and the government’s emphasis on widening of tax net, the finance ministry statement said.
10) The government said that the figures are as yet provisional and subject to change pending final collation of data of collections.