CBDT to add 1.3 crore new income tax filers this year

New Delhi : The Central Board of Direct Taxes (CBDT) expects to add nearly 1.3 crore new filers during the current financial year (2018-19). The tax filers would be mostly from Uttar Pradesh, report says. 

India’s top I-T administration body has disclosed these numbers in its confidential action plan (CAP) which is released annually. Sources confirmed that CAP has been advanced this year. A separate chapter has been dedicated to widening of the tax base, with region-wise target for new tax filers.

Uttar Pradesh tops the list with a target of 13.3 lakh. Pune has been set a rigid target of nearly 11.3 lakh, followed by a combined 10.4 lakh for Andhra Pradesh and Telangana. The target is the same for Tamil Nadu. The same for Delhi and Mumbai is estimated at 7 lakh and 6 .7 lakh, respectively.

As per action plan, new income tax filers are those who were not included in the taxpayer base at the beginning of the financial year and who filed a return in the current financial year.

The IT department had witnessed a powerful increase in tax filers last fiscal with 6.8 crore income tax returns filed, up 26 percent year-on-year.

What does the term ‘Income Tax’ mean?

It’s a tax imposed on individuals or companies that varies with respective income or profits. Income tax generally is calculated as the product of a tax rate time taxable income. Taxation rates vary by type or characteristics of the taxpayer.