25% growth in IT returns

The number of income tax returners (ITRs) has increased significantly after the disinvestment of large banknotes (demonitization). The income tax department has reported a net revenue of Rs 2.82 crore for 2016-17. It was 25.3 per cent higher than the ITR of 2.22 crore in the previous financial year. The income tax department has reported a total of 2.82 crore returns till August 5.
In fact, the last date for filing of ITRs is July 31, 2011. For some sections, the government has extended till August 5. The Income Tax Department has stated that the latest figures indicate that new tax payers are more likely to be taxed. Advance tax collections for personal income tax (August to August) have increased by 41.79 per cent on August 5.