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LATEST NEWS UPDATES | In 5 years, 46% hike in base: Tax net widens as individuals fuel the surge -Aanchal Magazine & Anil Sasi

In 5 years, 46% hike in base: Tax net widens as individuals fuel the surge -Aanchal Magazine & Anil Sasi

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published Published on May 1, 2018   modified Modified on May 1, 2018
-The Indian Express

While the total taxpayer base grew at an average rate of about 7.9 per cent a year, individual taxpayers recorded an average annual growth rate of 8.2 per cent in these five years, inching up from 94 per cent in AY 2011-12 to 94.9 per cent in AY 2016-17, according to official data.

New Delhi:
Even as the country’s total taxpayer base increased to 6.41 crore in assessment year (AY) 2016-17 from 4.38 crore in AY 2011-12 — a rise of over 46 per cent over five years — this surge has almost entirely been on account of individual taxpayers. Over these five years, the addition in individual taxpayers numbers was higher than the average trendline — up by about 48 per cent.

While the total taxpayer base grew at an average rate of about 7.9 per cent a year, individual taxpayers recorded an average annual growth rate of 8.2 per cent in these five years, inching up from 94 per cent in AY 2011-12 to 94.9 per cent in AY 2016-17, according to official data.

The term individual taxpayers include individuals who earn income through salary or through means such as interest, pension, who earn income from one housing property and individuals or Hindu Undivided Families (HUFs) with income from profits and gains of business or profession.

The surge in the numbers is, in part, attributable to the tax department’s focus on increasing compliance on the direct tax front, especially after demonetisation. It was reflected in an over twofold increase in searches to 1,152 by the tax department in 2016-17. The number of searches in 2016-17 was higher even than the combined number of searches in the previous two financial years (545 in 2014-15 and 447 in 2015-16). The total value of assets seized during these searches in 2016-17 stood at Rs 1,469 crore, as against Rs 712 crore in 2015-16 and Rs 762 crore in 2014-15.

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The Indian Express, 1 May, 2018, http://indianexpress.com/article/business/economy/tax-net-widens-as-individuals-fuel-the-surge-46-per-cent-rise-in-five-years-5157872/


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