The number of people filing income tax returns has declined by a full 1 percent in fiscal 2019, despite the increased Government focus to broaden the base, indicating a deepening slowdown in the overall economy, says a brokerage report.
It can be noted that the Government has been pointing to the enlarged tax base as a benefit of the controversial demonetisation move it undertook in 2016, which had a debilitating impact on the economy.
Citing official data, a report by brokerage Kotak Securities said Wednesday that only 66.8 million returns were filed in FY19 as against 67.5 million in the previous fiscal, which is down 1 percent.