The number of people who file income tax returns has increased in comparison to last year. The number of people who filed income tax returns this year increased total 71 percent of the total. According to official figures, up to August 31, 2018, 5.42 crore people have filed income tax returns, whereas on last year 31 August 2017, 3.17 crore people had paid an income tax return. This year, the CBDT (Central Board of Direct Taxes) last date for filing an Income Tax return from 31 July to 31 August i.e. taxpayers were given the extra time of the full month for filing returns. The last date for filing the ITR for the business or professionals who do not need to audit with the salaried class was fixed on August 31, 2018.
E-Filing of Income Tax returns rises 71% Percent in 2018
In view of this, due to the implementation of GST from July 1 last year, businessman needed more time to fill the income tax, hence giving the facility of filing returns by 31 August. In fact, from this year, the government has made a provision of penalties for non-filing of income tax returns from time to time, due to which there has been a sharp surge in the number of filing income tax returns. Priorly the government facilitated filing income tax returns by the end of the financial year.
- If your annual income is less than 5 lakh rupees and you fill income tax after July 31, then you have to pay a maximum penalty of 1 thousand rupees.
- People earning more than Rs. 5 lakhs will have to pay a penalty of Rs. 5000 upon filling income tax return after 31st July.
- If people earning more than Rs 5 lakh will pay their income tax returns from July 31 to December 2018 then they will have to pay a penalty of Rs 5000.
- Apart from this, if income earning more than 5 lakh will be filled up after 31 December 2018, then they will have to pay a penalty of up to Rs 10,000.
Finance Minister Arun Jaitley has also given the figure several times that the number of taxpayers in the country has increased after the ban and the GST. Official figures show that there is a big increase in the tax base and it is expected to strengthen the condition of the exchequer.