Income tax return filing for the assessment year 2018-19 has so far seen a 50 per cent rise since last year, a top finance ministry official said on Tuesday.
"This is the effect of demonetisation," Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said on the sidelines of a CII event.
Demonetisation has been very good for increasing the tax base of the country. This year, we have already got around 60.8 million income tax returns, which is 50 per cent higher than last year by this particular date, he said.
He further added that the revenue department will achieve direct tax collection target, which is Rs 11.5 trillion, for the current financial year.
"Our gross direct tax growth rate is 16.5 per cent and net direct tax growth rate is 14.5 per cent, which itself shows that demonetisation really helped in widening and deepening of tax base," the CBDT chief insisted.
He also said that so far 70 countries are sharing information with India under Automatic Exchange Of Information (AEOI).
Chandra said that due to demonetisation, so far, the number corporate taxpayers have gone to 800,000 from 700,000 last year.
CBDT chief also informed that the board will soon start giving e-PAN within four hours.
He said that the department has sent 20 million SMS to people who had not filed returns or those whose income did not match with their filings.