The number of people filing income tax returns in India increased by 50 percent to over 60 million so far in the assessment year 2018-19 compared to the same period a year ago.
Sushil Chandra, chairman of the state-owned Central Board of Direct Taxes (CBDT) was confident that the Revenue Department will achieve a direct tax collection target of $200 billion (Rs 11.5 lakh crore) for the current financial year ending March 31, 2019. “Our gross direct tax growth rate is 16.5 percent and net direct tax growth rate is 14.5 percent, which shows that demonetization really helped in widening and deepening of the tax base,” Chandra noted. In the last four years, India’s tax base has gone up by 80 percent, he added.
The CBDT, the apex policy making body for direct taxes, plans to provide an e-Permanent Account Number within four hours of receiving an application. The Permanent Account Number or PAN, as it is widely known in India, is mandatory for all entities doing business of at least $3500.
