Income tax in India

The tax authorities will next year process the declarations of 1.4 million taxpayers by early April at the latest, in order for taxpayers not to miss the maximum deduction in the case of a one-off payment of the tax.

A draft law that abolishes the Stamp Duty on more than 600 transactions and introduces a Digital Transaction Fee for transactions where the related charge remains, explicitly defined in the law, has been put up for public consultation until Thursday, August 22, 2024, at 11:00 PM.

The main changes include the following:

A fresh boost to the tax and control of cryptocurrencies is being sought by the Ministry of National Economy and Finance. The ministry’s special task force that had been tasked since February to draft the new framework is being abolished, on the grounds that its remit needs to be changed.

The Ministry of National Economy and Finance has announced a one-day extension to the deadline for filing tax returns.

Specifically, millions of individuals have until August 2 to correct any errors or omissions on income tax returns they have already filed, if they submit amended returns by that date.

A retiree was informed that his tax return (as he had chosen) had automatically been filed and that he would have to pay income tax of €9,809, an amount apparently not attributable to his income. What had happened? Because of purchases he made last year he got caught in the tax pinch, he left the pre-filled return to be filed and when he saw the statement he couldn’t believe his eyes.

A record pace of tax filings by individuals this year.

Although the process of automatic finalization of pre-completed tax returns may have been completed and the relevant statements issued, taxpayers who find errors in the tax calculation have until July 26 to file amended retur

Applications for 2015-2021 and amending income tax returns are now open

As the clock ticks down to midnight tonight, Bulgarians are reminded that April 30th marks the final day for filing their 2023 personal income tax returns. For those utilizing electronic services, the deadline is midnight, while those opting for paper submissions at revenue agency offices must do so by 5:30 pm.

Eleven codes of the basic tax declaration form E1 will be pre-filled this year for 1 million salary workers and pensioners without income from other sources of real estate or securities, so that the declaration is ready for submission. In essence, the above will not need to fill in anything themselves unless there is a change that the tax office is not aware of.