Quick Summary
Demonetisation, inter alia, led to detection of black money, increase in tax collection and widening of tax base. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today. Giving more information, the Minister stated that the outcome is indicated below: During the period November 2016 to March 2017, the Income-tax Department conducted search and seizure actions in 900 groups leading to seizure of ₹900 crore, inc
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FAQ :
Demonetisation led to the detection of black money, an increase in tax collection, and a widening of the tax base.
Net direct tax collections saw an 18% growth rate in FY 2017-18 compared to FY 2016-17, the highest in the preceding seven financial years.
Personal Income-tax Advance Tax collections increased by 23.4% and Self-Assessment Tax by 29.2% in FY 2017-18, indicating a major impact on voluntary tax payments.
The number of Income Tax Returns filed grew by 25% in FY 2017-18, the highest rate in the preceding five years, with approximately 1.07 crore new filers.
Yes, demonetisation helped unearth unaccounted money through investigations by the Directorate of Enforcement under the Prevention of Money Laundering Act and the Foreign Exchange Management Act.
Investigations were taken up in 8 cases involving 107 individuals, leading to the attachment/seizure of ₹191.68 crore in proceeds of crime and 5 arrests.
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