The number of people who have filed income tax returns in 2018-19 is expected to come down to seven lakh, which is about one percent. Brokerage company Kotak Securities said in a report citing official data that in the year 2018-19, 6.68 crore returns were filled, compared to 6.75 crore in the previous financial year. This report has come at a time when the government is constantly pushing for increasing the tax base.
This is the reason why the report is also surprised at this shortage. It has been said in the report that after the ban, it was expected that the tax scope would increase. In such a situation, the reduction in the number of tax returns is surprising. Explain that the increase in the number of tax return firms is counted as the benefit of continuous note-taking by the government.
According to a recent report by IANS, after the Lok Sabha elections, the new government, which is set up at the Center, can cut the direct tax collection target of Rs 13.80 lakh crore set for the current fiscal in the full budget.
According to sources, "The revenue department can try to cut the current direct tax collection target of Rs 13.80 lakh crore in the budget, as 21 percent increase (actual revised 11.4 lakh crore rupees directly against collection target) is difficult to achieve, it is difficult to meet the current target, the target of 12 lakh crore rupees could not be completed in the last financial year."
It is to be mentioned that in the interim budget presented in February, the target of collection of direct tax in the current financial year is 13.80 lakh crore, whereas in the last financial year, the target was 12 lakh crore rupees. Direct taxes include corporate taxes and personal income tax.
