I-T returns surge 60%, cross 5 crore filings

Income-tax returns hit the five crore mark on Thursday evening, a rise of over 60% compared with filings a year ago. The authorities believe that compliance improved on account of persuasion, education of taxpayers, imposition of penalty on missing the Aug 31 deadline along with Nov 2016 demonetization of Rs.500 and Rs.1000 currency notes.

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