Income tax in India

With less than two weeks left to close out the last tax obligations of the year, the clock is ticking down for taxpayers who need to settle their debts and avoid penalties and surcharges.

The taxes that individuals and businesses must pay during December amount to 5.5 billion euros.

The payment of income tax, Single Property Tax (ENFIA), value-added tax (VAT) and road tax are the most important obligations that taxpayers must cover by December 31.

Bulgaria's National Revenue Agency (NRA) has identified 962 individuals who earned income from creating and sharing content on an online platform known for adult content between 2018 and early 2023. These individuals failed to declare their earnings, and the NRA has issued emails instructing them to report this income within two weeks of receiving the notification.

Thousands of taxpayers will be confronted with the tax authorities in the next few days, as they will have to fulfil a series of obligations which are “running”.

The government is proceeding with technical improvements to the tax bill, focusing on provisions related to:

The era of the stamp duty on commercial leases has officially ended, replaced as of December 1, 2024, by the Digital Transaction Fee (DTF).

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.