Income tax return filing numbers are on a record high in the financial year 2018-19 as according to the statistics, the income tax filing in the current financial year till 30th December stood at 6.21 crores which are 43% higher.
Also, the gross direct tax collection was pegged at INR 8.74 lakh crores till December which was higher by 14.1% which has further growth into the personal income tax collection to 23.8%.
As per the reports, out of 6.21 crore, IT returns, 3 crore returns were the ITR 1 forms. To note that the government also refunded to record 2.4 crore taxpayers which are higher by 53% from the previous year.
As per the statement of an official from the Central Board of Direct Taxes, “This is highest ever issuance of refunds… The department’s emphasis is on the timely issue of refunds.”