Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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    <h1 class="cat-box-title">Can we measure demonetisation&#039;s impact on income tax collections? -Roshan Kishore</h1>
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		 Published on</span><span class="text-date"> May 23, 2017</span>
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                            <div align="justify">-Livemint.com<br /><br /><em>One-off gains from Income Disclosure Scheme 2016 call for scepticism about any immediate claims of demonetisation having widened India&rsquo;s income tax net<br /></em><br />News reports have quoted government officials making claims about a record increase in the number of income tax payers in 2016-17. Should such claims be seen as a success of demonetisation in forcing unscrupulous individuals to become a part of income tax net? An analysis of direct tax collection statistics and income tax department&rsquo;s income tax return (ITR) filing data calls for scepticism about any immediate claims of demonetisation leading to a dramatic turnaround in India&rsquo;s direct tax collections.<br /><br />Union Budget 2017-18 has predicted an annual increase of 25.4% in income tax collections over revised estimate (RE) figures for 2016-17. RE figures for 2016-17 show an annual increase of 23.3% over 2015-16 actual estimates. These growth figures are the highest in this decade, and seen at face value, suggest a dramatic improvement in India&rsquo;s income tax base in the past one year.<br /><br />However 2016-17 income tax collections need to be seen in the context of Income Disclosure Scheme 2016, which led to the disclosure of Rs65,250 crore of undisclosed income. At 45% rate of taxation, the scheme would have brought in mostly one-time extra income tax revenue of around Rs30,000 crore.<br /><br />After adjusting for this value, the annual increase in income tax collections for 2016-17 seems more modest, and as a result, 2017-18 targets appear to be much more difficult.<br /><br />ITR e-filing data from income tax department shows that number of ITR filings increased from 43.3 million to 52.9 million between FY16 and FY17. In absolute terms, the increase is not significantly more than what was achieved between FY15 and FY16. To be sure, the ITR filing and payment process for the previous fiscal year is still underway and income tax returns/tax payments could continue to increase. However, data available till now does not suggest a spectacular increase in India&rsquo;s income tax base due to demonetisation.<br /><br />Please <a href="http://www.livemint.com/Politics/C4Q8mpskSbfEzmG8ZWBY9H/Can-we-measure-demonetisations-impact-on-income-tax-collect.html" title="http://www.livemint.com/Politics/C4Q8mpskSbfEzmG8ZWBY9H/Can-we-measure-demonetisations-impact-on-income-tax-collect.html">click here</a> to read more.</div>                                                           
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    <h1 class="cat-box-title">Can we measure demonetisation&#039;s impact on income tax collections? -Roshan Kishore</h1>
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                            <div align="justify">-Livemint.com<br /><br /><em>One-off gains from Income Disclosure Scheme 2016 call for scepticism about any immediate claims of demonetisation having widened India&rsquo;s income tax net<br /></em><br />News reports have quoted government officials making claims about a record increase in the number of income tax payers in 2016-17. Should such claims be seen as a success of demonetisation in forcing unscrupulous individuals to become a part of income tax net? An analysis of direct tax collection statistics and income tax department&rsquo;s income tax return (ITR) filing data calls for scepticism about any immediate claims of demonetisation leading to a dramatic turnaround in India&rsquo;s direct tax collections.<br /><br />Union Budget 2017-18 has predicted an annual increase of 25.4% in income tax collections over revised estimate (RE) figures for 2016-17. RE figures for 2016-17 show an annual increase of 23.3% over 2015-16 actual estimates. These growth figures are the highest in this decade, and seen at face value, suggest a dramatic improvement in India&rsquo;s income tax base in the past one year.<br /><br />However 2016-17 income tax collections need to be seen in the context of Income Disclosure Scheme 2016, which led to the disclosure of Rs65,250 crore of undisclosed income. At 45% rate of taxation, the scheme would have brought in mostly one-time extra income tax revenue of around Rs30,000 crore.<br /><br />After adjusting for this value, the annual increase in income tax collections for 2016-17 seems more modest, and as a result, 2017-18 targets appear to be much more difficult.<br /><br />ITR e-filing data from income tax department shows that number of ITR filings increased from 43.3 million to 52.9 million between FY16 and FY17. In absolute terms, the increase is not significantly more than what was achieved between FY15 and FY16. To be sure, the ITR filing and payment process for the previous fiscal year is still underway and income tax returns/tax payments could continue to increase. However, data available till now does not suggest a spectacular increase in India&rsquo;s income tax base due to demonetisation.<br /><br />Please <a href="http://www.livemint.com/Politics/C4Q8mpskSbfEzmG8ZWBY9H/Can-we-measure-demonetisations-impact-on-income-tax-collect.html" title="http://www.livemint.com/Politics/C4Q8mpskSbfEzmG8ZWBY9H/Can-we-measure-demonetisations-impact-on-income-tax-collect.html">click here</a> to read more.</div>                                                           
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    <h1 class="cat-box-title">Can we measure demonetisation&#039;s impact on income tax collections? -Roshan Kishore</h1>
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                            <div align="justify">-Livemint.com<br /><br /><em>One-off gains from Income Disclosure Scheme 2016 call for scepticism about any immediate claims of demonetisation having widened India&rsquo;s income tax net<br /></em><br />News reports have quoted government officials making claims about a record increase in the number of income tax payers in 2016-17. Should such claims be seen as a success of demonetisation in forcing unscrupulous individuals to become a part of income tax net? An analysis of direct tax collection statistics and income tax department&rsquo;s income tax return (ITR) filing data calls for scepticism about any immediate claims of demonetisation leading to a dramatic turnaround in India&rsquo;s direct tax collections.<br /><br />Union Budget 2017-18 has predicted an annual increase of 25.4% in income tax collections over revised estimate (RE) figures for 2016-17. RE figures for 2016-17 show an annual increase of 23.3% over 2015-16 actual estimates. These growth figures are the highest in this decade, and seen at face value, suggest a dramatic improvement in India&rsquo;s income tax base in the past one year.<br /><br />However 2016-17 income tax collections need to be seen in the context of Income Disclosure Scheme 2016, which led to the disclosure of Rs65,250 crore of undisclosed income. At 45% rate of taxation, the scheme would have brought in mostly one-time extra income tax revenue of around Rs30,000 crore.<br /><br />After adjusting for this value, the annual increase in income tax collections for 2016-17 seems more modest, and as a result, 2017-18 targets appear to be much more difficult.<br /><br />ITR e-filing data from income tax department shows that number of ITR filings increased from 43.3 million to 52.9 million between FY16 and FY17. In absolute terms, the increase is not significantly more than what was achieved between FY15 and FY16. To be sure, the ITR filing and payment process for the previous fiscal year is still underway and income tax returns/tax payments could continue to increase. However, data available till now does not suggest a spectacular increase in India&rsquo;s income tax base due to demonetisation.<br /><br />Please <a href="http://www.livemint.com/Politics/C4Q8mpskSbfEzmG8ZWBY9H/Can-we-measure-demonetisations-impact-on-income-tax-collect.html" title="http://www.livemint.com/Politics/C4Q8mpskSbfEzmG8ZWBY9H/Can-we-measure-demonetisations-impact-on-income-tax-collect.html">click here</a> to read more.</div>                                                           
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    <br><a href="http://www.livemint.com/Politics/C4Q8mpskSbfEzmG8ZWBY9H/Can-we-measure-demonetisations-impact-on-income-tax-collect.html" class="re" target="_blank">Livemint.com, 23 May, 2017, http://www.livemint.com/Politics/C4Q8mpskSbfEzmG8ZWBY9H/Can-we-measure-demonetisations-impact-on-income-tax-collect.html</a><div class="clear"></div>
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Can we measure demonetisation's impact on income tax collections? -Roshan Kishore

Published on May 23, 2017   Modified on May 23, 2017

-Livemint.com One-off gains from Income Disclosure Scheme 2016 call for scepticism about any immediate claims of demonetisation having widened India’s income tax net News reports have quoted government officials making claims about a record increase in the number of income tax payers in 2016-17. Should such claims be seen as a success of demonetisation in forcing unscrupulous individuals to become a part of income tax net? An analysis of direct tax collection statistics and income tax department’s income tax return (ITR) filing data calls for scepticism about any immediate claims of demonetisation leading to a dramatic turnaround in India’s direct tax collections. Union Budget 2017-18 has predicted an annual increase of 25.4% in income tax collections over revised estimate (RE) figures for 2016-17. RE figures for 2016-17 show an annual increase of 23.3% over 2015-16 actual estimates. These growth figures are the highest in this decade, and seen at face value, suggest a dramatic improvement in India’s income tax base in the past one year. However 2016-17 income tax collections need to be seen in the context of Income Disclosure Scheme 2016, which led to the disclosure of Rs65,250 crore of undisclosed income. At 45% rate of taxation, the scheme would have brought in mostly one-time extra income tax revenue of around Rs30,000 crore. After adjusting for this value, the annual increase in income tax collections for 2016-17 seems more modest, and as a result, 2017-18 targets appear to be much more difficult. ITR e-filing data from income tax department shows that number of ITR filings increased from 43.3 million to 52.9 million between FY16 and FY17. In absolute terms, the increase is not significantly more than what was achieved between FY15 and FY16. To be sure, the ITR filing and payment process for the previous fiscal year is still underway and income tax returns/tax payments could continue to increase. However, data available till now does not suggest a spectacular increase in India’s income tax base due to demonetisation. Please click here to read more.

Livemint.com, 23 May, 2017, http://www.livemint.com/Politics/C4Q8mpskSbfEzmG8ZWBY9H/Can-we-measure-demonetisations-impact-on-income-tax-collect.html

Tagged with: Currency demonetisation tax buoyancy tax collection Tax Evasion Tax Revenue Taxation Income Tax Demonetisation

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• Would the government have brushed aside the Reserve Bank of India if it had objected to demonetisation, Supreme Court asks Centre

 

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