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Press Information Bureau
Government of India
Ministry of Finance
Dated: 01 SEP 2018
Filing of Income Tax Returns registers an upsurge of 71% upto 31st August,2018
There has been a marked improvement in the number of Income Tax Returns(ITRs) filed during FY 2018 (upto 31/08/2018, the extended due date of filing) compared to the corresponding period in the preceding year. The total number of ITRs e-filed upto 31/08/2018 was 5.42 crore as against 3.17 crore upto 31/08/2017, marking an
increase of 70.86%. Almost 34.95 lakh returns were uploaded on 31/08/2018 itself, being the last date of the extended due date of filing of ITRs.
A remarkable increase is seen in the number of ITRs in 2 categories ie ITRs filed by salaried Individuals (ITR-1& 2) as also those availing the benefit of the Presumptive Taxation Scheme(ITR-4).
The total number of e-returns of salaried Individual taxpayers filed till 31/08/2018 increased to 3.37 crore from 2.19 crore returns filed during the corresponding period of 2017, registering an increase of 1.18 crore returns translating into a growth of almost 54%.
A stupendous growth has been witnessed in the number of returns e-filed by persons availing the benefit of Presumptive Tax, with 1.17 crore returns having been filed upto 31st August, 2018 compared to 14.93 lakh returns upto 31st August, 2017 registering a massive increase of 681.69%.
The increase in the number of returns reveals a marked improvement in the level of voluntary compliance of taxpayers which can be attributed to several factors, including the impact of demonetisation, enhanced persuasion & education of taxpayers as also the impending provision of late fee which would be effective on late filing of returns. This is indicative of an India moving steadily towards a more tax compliant society & reflects the impact of continuous leveraging of technology to improve taxpayer service delivery.
F.No. 370142/40/2016-TPL (Part-I)
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Direct Taxes)
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New Delhi, Dated August 31, 2018
Subject: Draft notification proposing amendments in rule 114 of the Income-tax Rules, 1962 and permanent account number application Forms (Form 49A and Form 49AA)-reg.
Rule 114 of the Income-tax Rules, 1962(the Rules) inter alia provides that an application for the allotment of permanent account number (PAN) shall be made in Form No.49A (in case of Indian citizens/Indian companies/Entities incorporated in India/Unincorporated entities formed in India) or 49AA (In case of individuals not being a citizen of India/entities incorporated outside India/Unincorporated entities formed outside India). At present, providing Father’s name in the PAN application Forms (Form No.49A and Form No.49AA) is mandatory, however, the applicant has been given an option to select name of either father or mother, which the applicant may like to be printed on PAN card. In order to provide that father’s name shall not be mandatory in PAN application Forms, where mother is the single parent, an amendment in PAN application Forms is proposed to provide that mentioning father’s name in the aforementioned Forms shall not be mandatory except in cases where mother is the single parent and mentioning mother’s name shall be mandatory in cases where father’s name is not furnished and mother is the single parent.
2. Vide Finance Act, 2018 section 139A of the Income-tax Act, 1961 (the Act) has been amended to provide for allotment of PAN to every person being a resident, other than an individual, which enters into a financial transaction of an amount aggregating to two lakh fifty thousand rupees or more in a financial year; and to the managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer or any person competent to act on behalf of such person. However, corresponding rule 114 of the Rules does not provide the time line by which such person may apply for PAN allotment. Therefore, rule 114 of the Rules is proposed to be amended to provide time line by which a person referred to clause (v) and clause (vi) of sub section (1) of section 139A of the Act may apply for PAN allotment.
3. Further, vide Finance Act, 2018, clause (c) of Explanation to section (8) of section 139A of the Act has been amended to provide that “permanent account number under the new series” means a permanent account number having ten alphanumeric characters. Since, the said section earlier provided that the PAN shall be issued in the form of a laminated card, an amendment in rule 114 of the Rules is proposed to empower Principal Director General/Director General of Income Tax (Systems) to specify the manner in which PAN shall be issued.
4. In view of the above, it is proposed to amend the Income-tax Rules, 1962 so as to make necessary amendments in rule 114 of the Rules and PAN application Forms (Form No.49A and 49AA).
5. The draft proposal is as under:
“2. In the Income-tax Rules, 1962:__
“(I) in rule 114, in sub-rule (3), after clause (iv), following clauses shall be inserted, namely: __
‘(v) in the case of a person, being a resident, other than an individual, which enters into a financial transaction of an amount aggregating to two lakh fifty thousand rupees or more in a financial year and which has not been allotted any permanent account number, on or before the 31st day of May, immediately following the financial year in which such transaction is entered into;
(vi) in the case of a person, who is the managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in clause (v) or any person competent to act on behalf of the person referred to in clause (v) and who has not been allotted any permanent account number, on or before the 31st day of May, immediately following the financial year in which such transaction is entered into.’;
(II) in rule 114, in sub-rule (6):-
‘(i) for the words, brackets and figure “or intimation of Aadhaar number in sub-rule (5)”, the words,brackets and figure “, intimation of Aadhaar number in sub-rule (5) and issue of permanent account number” shall be substituted;
(ii) for the words “and intimation of Aadhaar number”, the words “, intimation of Aadhaar number and issue of permanent account number” shall be substituted.’;
(III) in Appendix II, in Form number 49A and Form number 49AA, for column number 6 and entries relating thereto, the following item shall be substituted, namely:-
‘6. Details of Parents (applicable only for individual applicants)
Father’s Name (mandatory, except where mother is the single parent)
Last Name / Surname
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First Name
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Middle Name
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Mother’s Name (Mandatory in case father’s name is not furnished and mother is the single parent)
Last Name / Surname
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First Name
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Middle Name
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Select the name of either father or mother which you may like to be printed on PAN card (Select one only)
(In case no option is provided then PAN card will be issued with father’s name except in case where father’s name is not furnished and mother is the single parent. In such cases mother’s name will be printed on PAN card)
Father’s name Mother’s name (Please tick as applicable)’.”
6. The comments and suggestions of stakeholders and general public on the above draft notification are invited. The comments and suggestions may be sent electronically by 17th September, 2018 at the email address, ts.mapwal@nic.in.
(Dr. T. S. Mapwal)
Under Secretary (TPL-IV)
Tel: 011-23095471
Email: ts.mapwal@nic.in
F.No. 370142/1112018-TPL
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Dated: 30th August, 2018
Subject: Framing of Income-tax rules relating to 'Significant Economic Presence' as per section 9(1)(i) of the Income-tax Act, 1961, Comments and suggestions - reg.
1. In order to frame income-tax rules relating to 'Significant Economic Presence' as per section 9(1)(i) of the income-Tax Act,1961, communication dated 13th July, 2018, inviting comments and suggestions of stakeholders and the general public was uploaded on the website of the Income-tax Department(www.incometaxindia.gov.in). The last date for furnishing of comments and suggestions was 10th August, 2018.
2. In view of the representations received requesting for extension of the time for furnishing of comments and suggestions, the last date for furnishing of comments and suggestions on the subject matter is extended up to 30th September, 2018. The comments and suggestions may be sent electronically latest by 30th September, 2018 at the email address ustpl3@nic.in.
(Saurabh Gupta)
DCIT (OSD)-TPL
Tel: 011-23095470
Email:ustp13@nic.in
Ministry of Finance
Dated: 30 AUG 2018
The Reserve Bank has twice released its reports stating that the demonetised Notes of rs. 500 and rs. 1000 have been substantially deposited in the Banks. A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded. Was the invalidation of the Non-deposited currency the only object of demonetisation? Certainly Not. The larger purpose of demonetisation was to move INDIA from a Tax Non-compliant society to a compliant society. This necessarily involved the formalisation of the Economy and a blow to the black money. How has this been achieved?
i) WHEN cash is deposited in the Banks, the anonymity about the owner of the cash disappears. The deposited cash is now identified with its owner giving rise to an inquiry, whether the amount deposited is in consonance with the depositor’s income. Accordingly, post demonetisation about 1.8 million depositors have been identified for this enquiry. Many of them are being fastened with Tax and Penalties. Mere deposit of cash in a bank does not lead to a presumption that it is Tax paid Money.
ii) In March 2014, the number of Income Tax returns filed was 3.8 crores. In 2017-18, this figure has grown to 6.86 crores. In the last two years, when the impact of demonetisation and other steps is analysed, the Income Tax returns have increased by 19% and 25%. This is a phenomenal increase.
iii) The number of New Returns filed post demonetisation increased in the past two years by 85.51 Lakhs and 1.07 crores.
iv) For 2018-19, advance Tax in the first quarter has increased for personal Income Tax Assesses by 44.1% and in the Corporate Tax category by 17.4%.
v) The Income Tax collections have increased from the 2013-14 figure of `6.38 Lakh crores to the 2017-18 figure of `10.02 Lakh crores.
vi) The growth of Income Tax collections in the Pre-demonetisation two years was 6.6% and 9%. Post-demonetisation, the collections increased by 15% and 18% in the next two years. The same trend is visible in the third year.
vii) The GST was implemented from 1st July, 2017 i.e. Post demonetisation. In the very first year, the number of registered assesses has increased by 72.5%. The original 66.17 Lakh assesses has increased to 114.17 Lakhs
This is the positive impact of the Demonetisation. More formalisation of the Economy, More Money in the System, Higher Tax Revenue, Higher Expenditure, Higher Growth after the first two quarters.
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(Release ID: 1544568)