Jaitley expects number of people filing IT returns to raise to 7.5 cr by 2019

New Delhi, Oct 11 (UNI) Union Finance Minister Arun Jaitley on Thursday said he hoped that the number of people who file Income Tax Returns would raise to 7.5 crore by 2019.

He said the Indian economy was becoming increasingly formalised. Due to factors, such as strict compliance, there has been 15 to 20 per cent gradual increase in tax collections every year. Last year, the number raised to Rs 6.86 crore from Rs 3.80 crore in 2014.

‘Four years ago when we assumed office, the total number of people who filed tax returns in India were 3.80 crore. It was already 6.86 crore last year. At the end of the fifth year, I do hope it will be something close to 7.5 crore,’ he added.

Mr Jaitley said this while giving valedictory address at the 29th Conference of Accounts General here. Two-day Biennial Conference was organised by the Office of the Comptroller and Accountant General of India.

On CAG, the Minister said the CAG required radical thinking to audit the accounts books of state-owned companies as they are now expected to take quick decisions to compete with their private sector peers.

The CAG has the purpose of serving as deterrent on decision-makers as there is possibility that every decision they take will be examined by somebody. That is probably the reason why reports of CAG have acquired great amount of credibility in past.