34.8% rise in personal tax declarations post demonetisation
Demonetisation of high-currency notes led to a 34.8% increase in personal income tax declarations, Finance Minister Arun Jaitley announced while presenting the Union Budget on Wednesday. Twenty-four lakh people showed income above ₹10 lakh, while 1.7 crore people filed returns out of the 4.2 crore salaried people in the country. Jaitley called India "largely a tax non-compliant country".