In good news for the economy - the income tax returns for the financial year 2017-18 filed till August 31, increased to 5.42 crore which is an annual jump of 71 per cent. On the last day of the deadline around 35 lakh returns were uploaded online taking the total returns filed to 5.42 crore against previous year's figure of 3.17 crore. Online returns filed by salaried individuals also increased by a whopping 54 per cent to 3.37 crore as against 2.19 crore filed during the corresponding period of 2017. Now with this greater tax compliance, tax revenue is also likely to increase. Can we see the NDA govt cut taxes any time soon?
