Please review the following hyperlinks for more information on filing income tax returns, mandatory income tax forms, calculating income tax for expatriates, and annual audits.ĭezan Shira & Associates is a pan-Asia, multi-disciplinary professional services firm, providing legal, tax and operational advisory to international corporate investors. This is relaxed for bank accounts not in use for three years or longer. In addition, taxpayers filing their returns in this grace period will need to submit their complete financial information: bank account number and the IFSC code. The government has made it mandatory for taxpayers to disclose their Aadhaar information from July 2017, as well as linking the identification number with all banking, financial, and identification documents. However, taxpayers must note that this time around, the tax department will require the 12-digit Aadhaar identification number (or the 28-digit Aadhaar enrolment number) while filing the tax return. The extension is welcome to taxpayers who have yet to file their income tax returns or associated ancillary reports for AY 2017-18, which are required for their business audits as directed by the Income-Tax Act, 1961. The Ministry of Corporate Affairs (MCA) made the announcement on October 31 via notification F.No 225/270/2017ITA.II.
The Central Board of Direct Taxes (CBDT), India’s federal tax department, extended the last filing date from October 31 to November 7 for the FY 2016-17 (Assessment Year 2017-18). Taxpayers in India that still need to file their income tax returns (ITR) and submit reports for audit covering the Financial Year (FY) 2016-17 have just been granted some relief.
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