Notes Ban Impact: Income Tax Return Filings Surge 25%, Collections Jump

HighlightsThe variety of returns filed as on August 5 2017 surged to two.82 crore The authorities said returns filed through individuals surged 25.3% Surge display achievement of demonetisation in curtailing black cash: GovernmentNew Delhi: The range of income tax return filed this 12 months surged by way of almost 25 consistent with cent the authorities stated mentioning the success of demonetisation or notes ban in curbing black cash. The quantity of returns filed as on August 5 2017 surged to 2.82 crore compared to two.26 crore final 12 months. August five changed into the cut-off date for filing income tax go back for monetary year 2016-17. This growth is a great deal higher than the nine.9 per cent recorded within the preceding year. Advance tax collections of private income tax additionally showed a huge leap. As a end result of demonetization and Operation Clean Money there is a full-size increase http://www.emailmeform.com/builder/form/JBDbd10tsIeN inside the number of Income https://sinusympts.wufoo.com/forms/z19xqhmv1drlazx/ Tax Returns (ITRs) filed. The number of returns filed as on 05.08.2017 stands at 2 eighty two 92 955 as in opposition to 2 26 97 843 filed all through the corresponding period of FY 2016-2017 registering an boom of 24.7% compared to growth fee of nine.9% inside the preceding yr the finance ministry said in a announcement. Under the Clean Money pressure which was released after the 50-day demonetisation duration ended on December 30 the tax department identified a huge quantity of unexplained deposits which did no longer seem consistent with the taxpayers profiles.25% increase in quantity of ITax Returns filed in modern-day fiscalAdvance Tax (Personal ITax) collections up with the aid of 41% https://t.Co/KiE4j9QBTW Ministry of Finance (@FinMinIndia) August 7 2017The growth in returns filed with the aid of individuals additionally showed a surge. The authorities said the wide variety of returns filed by using individuals surged 25.3 in step with cent this yr with 2.79 crore returns acquired as much as August 5 2017. This really suggests that giant range of new tax payers were delivered into the tax net next to demonetisation the ministry stated.Direct tax series additionally http://vite.io/sinusympts confirmed a robust boom. The impact of demonetisation is likewise really seen inside the growth in direct tax collections the government stated. Advance tax collections of private income tax (apart from company tax) as on August five confirmed a growth of about forty one.Seventy nine in line with cent over the corresponding length in FY2016-17. Personal earnings tax underneath self-evaluation tax (SAT) grew at 34.25 consistent with cent over the corresponding duration in FY2016-17 the ministry stated.Referring to the surge in return filings as well as tax series the finance ministry stated the figures amply display the fine effects of the government s dedication to combat the menace of black cash . Filing earnings tax returns with the aid of the due date is important but equally important is to record those efficiently. If you don t do so assume a note from the Income Tax Department. What should you do if you get one? Firstly don t panic. Next apprehend the section beneath which you have obtained it and how you must respond to it. Here are a number of the common sections beneath which people get notices and what these suggest. Section 139 (9) You gets a be aware beneath this segment in case of defective submitting of tax returns.The errors can encompass the subsequent: when you have used the wrong ITR form; if you haven t paid the complete tax due; when you have claimed a reimbursement for deducted tax but have not stated the relevant profits; if there's a mismatch in the name at the form and PAN card or when you have paid taxes but not listed profits. In such instances a observe underneath this section will be sent to you. Time restriction to serve word: NA Time restrict to respond: Within 15 days of date of intimation via assessing officer.You can are seeking for an extension by writing to the neighborhood assessing officer. If you don t reply the go back can be taken into consideration invalid. What to do Go to the earnings tax submitting website (https: incometaxindiaefiling.Gov.Ine-Filing) and download the proper ITR shape beneath the given assessment 12 months. Then pick out the choice In response to a be aware underneath Section 139(nine) in which the unique return filed become a faulty return. Fill inside the reference range and acknowledgement range and fill the shape with rectifications. Under e-report pick e-file in reaction to be aware us 139(nine) and add it using the password within the be aware. Section 143 (1) More than a be aware that is an intimation approximately the returns filed by way of you. You can get 3 styles of notices beneath this segment: a) It can be really the very last assessment of your returns as your tax calcula tion matches that of the assessing officer. B) It can serve as money back notice where the assessing officer s computation suggests that too much tax has been paid by using you. C) It may be a demand observe in which assessing officer finds a shortfall in your tax payment. Time restriction to serve be aware: Before the expiry of twelve months from the end of economic yr wherein the go back has been filed. Time restrict to reply: If tax is due you will should pay it inside 30 days. What to do If there's no discrepancy in the returns you don t need to do anything. If money back is due it will likely be transferred to the bank account mentioned in the return. If it is not request a reissue of the refund. If tax is due you will ought to pay it inside 30 days. Section 143 (1A) Though this provision existed earlier the computer-assisted notices are being sent to a large range of taxpayers most effective this 12 months says Chetan Chandak Head of Tax Research H