Income tax in India

The Finance Ministry has extended the deadline for the submission of tax declarations and is about to do the same for applications to enter the payment programs for debts to the state and the social security funds, due to the general election next month.

The deadline for submission of income tax declarations has been extended to July 29, Deputy Finance Minister Katerina Papanatsiou said on Monday.

The original deadline for submissions had been June 30.

The announcement followed a delay in taxpayers sending their income statements to the authorities. 

More than twice as many tax declarations have been submitted compared to the same time last year, which is due to the fact that the online Taxisnet system opened earlier than ever this year.

The National Revenue Agency (NRA) announced that it is launching inspections of companies whose subject-matter is the sale of cryptocurrency.

The objective is to establish whether companies and their clients comply with tax and social security legislation.

Taxpayers will also investigate the principle of operating the platforms for the purchase and sale of such assets.

Individuals can submit their annual income tax return for 2018 from January 10, the National Revenue Agency reported on 3rd of January, reported BNT.

The tax returns can be submitted via the electronic service and in paper at the NRA offices.

Submission of corporate tax returns for 2018 through the NRA electronic service will also start on January 10th.

The Finance Ministry plans to increase the number of monthly installments for the payment of income tax and the ENFIA property levy.

Speaking to ANT1 TV, Deputy Finance Minister Katerina Papanatsiou said the government wants "some of the taxes to be paid in more installments" in 2019.

Taxpayers will have to increase their annual transactions made via credit/debit cards or e-banking by up to 50 percent, or face a hefty fine that will depend on the level of their income.

Kathimerini understands the regulation that will raise the minimum amount of online transactions toward the tax-free amount will be submitted to Parliament at the start of 2019.

Hearing-impaired protesters wear white gloves to sign slogans during a rally marking International Day of Persons with Disabilities, in downtown Athens, yesterday. Hundreds of demonstrators took part in the march, demanding better protection of their rights and tax breaks.

The Finance Ministry tabled a draft law in Parliament on Thursday that provides for the immediate repayment of deducted income tax and value-added tax to corporations and individuals for amounts up to 10,000 euros.

The rebates will be paid out without the prior scrutiny of each taxpayer, although the tax administration will be granted the right to perform random checks.

While the process for the submission of income tax declarations was completed on Monday and Tuesday is the deadline for the first installment, all signs point to revenues being about half a billion euros less than last year.