Mr Jaitley said just 4 crore to 4.5 crore people file income tax returns out of a population of 125 crore people.

Notwithstanding economists' prediction that demonetisation would hit the country's Gross Domestic Product (GDP) growth, Union Minister Piyush Goyal said when informal economy goes into the formal mode with the banning of high-value currency, this will add to the GDP.