The Central Board of Direct Taxes on Monday said that there has been 80 per cent increase in the number of Income Tax Returns filed in last four fiscal years. It also said that the number of taxpayers showing income above Rs 1 crore has increased 60 per cent in four years.
Earlier this month, the government extended the deadline till October 31 for filing Income Tax return (ITR) and audit report for financial year 2017-18.
This is the second extension granted by the Central Board of Direct Taxes (CBDT) for return filing by those assessees whose books of accounts have to be audited. On September 25, the CBDT extended deadline for submission of tax return and audit report till October 15 from September 30.
"Upon consideration of representations from various stakeholders, CBDT further extends the 'due date' for filing of Income Tax Returns as well as reports of Audit from October 15, 2018 to October 31, 2018...," the CBDT said in a statement. The assessees filing their return of income within the extended due date shall be liable for levy of interest, it added.
Meanwhile, the latest data revealed that over 21.08 crore permanent account numbers (PANs) have been linked with Aadhaar till now.
As per official figures accessed by PTI, a total of 21,08,16,676 PANs issued by the Income Tax Department have been linked with Aadhaar till Monday.
The total operational or issued PANs are over 41.02 crore (41,02,66,969) as per the same time line, the data said.
"The deadline for the PAN-Aadhaar linking has already been extended by the CBDT to March 31 next year, as per an order issued on June 30 this year," a senior official said.
As per the latest data, out of the over 41.02 crore PANs issued, an overwhelming number of more than 40.01 crore PANs are held by individuals.
The rest are in the name of companies and other categories of tax payers, the official said, adding the figure reflects that about 50 per cent of the PANs have been linked with Aadhaar till now. The deadline to link the two databases has been extended five times in the past in view of the apex court order to keep it open till a five-judge constitution bench delivers its judgment on petitions challenging the validity of the biometric scheme and the enabling law.