Impact of Demonetization Discussed in Parliament

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“During the current financial year (up to November 7), 3.89 crore income-tax e-returns were filed as compared to 3.25 crore e-returns filed during corresponding period of the last financial year, which translates into a growth rate of 19.5 per cent,” Minister of State for Finance Shiv Pratap Shukla told the Lok Sabha in a written reply.

“The quantum of net direct tax collections in FY 2017-18 (up to November, 2017) has increased to Rs 4.8 lakh crore (provisional) as compared to Rs 4.20 lakh crore collected during corresponding period of last year registering a growth rate of 14.3 per cent,” he added.

The number of taxpayers increased by 19.5 per cent in one year post-demonetization from 3.25 crore to 3.89 crore, Parliament was told.

Shukla said that during the period from November 2016 to March 2017, the Income Tax Department conducted searches in around 900 groups, wherein undisclosed income of over Rs 7,900 crore was admitted.

“During the same period, more than 8,200 surveys were conducted leading to detection of undisclosed income of more than Rs 6,700 crore.

“Further, during the period from April 2017 to October 2017, around 275 groups were searched by the Income Tax Department in which undisclosed income of over Rs 7,800 crore was admitted.

“During the same period, more than 3,100 surveys were conducted by the department in which undisclosed income of over Rs 2,400 crore was detected,” he said.

Listing out various steps taken by the government to curb cash transactions, the Minister said furnishing PAN was made mandatory for all cash deposits above Rs 50,000 and aggregating to more than Rs 2.5 lakh during the period from November 9, 2016 to December 31, 2016.

“Further, the prescribed reporting entities were mandated to report all cash deposits above Rs 2.5 lakh in savings accounts and Rs 12.5 lakh in current account during the period,” he said adding a restriction on cash transaction of over Rs 2 lakh was also imposed.

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