The last date for filing of income tax returns (ITRs) for the financial year 2016-17 has been extended to August 5. The original deadline was July 31. The Income Tax Department has already received over two crore returns filed electronically. The department had earlier issued advertisements in leading national dailies in the last few days stating that taxpayers should disclose their income "correctly" and file their ITRs on or before July 31.
The second phase of OCM (Operation Clean Money) has been started by the
Income Tax Department. In this phase, they have identified 5.56 lakh depositors
whose income profile do not match the amount of deposits made during
Penalty for delay in filing income tax by individuals announced in the Budget earlier this year in February has many taxpayers worried. The new rule states that a penalty up to Rs 10,000 will be imposed on delay in filing tax return by individuals.
A new notification has been issued for Indian residents covered under
POEM norms. According to this recent announcement, any Indian resident or concerned
entity under the new norms of POEM (Place of Effective Management) has to pay
tax at 40% similar to the income tax applicable on foreign companies.
Recently, you may have heard many announcements related to PAN and Aadhaar linking. But, misconceptions were spread when honourable Supreme Court came out with a verdict stating that it is not compulsory to link ‘PAN’ to Aadhaar.