Income tax in India
Tax Bill: Changes to incentives for Airbnb properties becoming rentals, insurance for vehicles in standstill, and provisions for tips
The government is proceeding with technical improvements to the tax bill, focusing on provisions related to:
Rentals: What changes with the “digital transaction fee”
The era of the stamp duty on commercial leases has officially ended, replaced as of December 1, 2024, by the Digital Transaction Fee (DTF).
Income tax discount of 4% for early one-off payment
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.
Eliminating Stamp Duty on 600 Transactions for Cost Savings and Efficiency
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:
Cryptocurrencies: The new plan of the Ministry of Finance for their taxation
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.
Tax returns: After the extension, attention to payment deadlines
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.
Tax returns: Pensioner received a notice to pay €9,800 and turned it into a tax refund
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.
Tax returns: At a record pace of submission, according to the AADE
A record pace of tax filings by individuals this year.
2024 tax returns: 3-week period for corrections to pre-completed tax returns
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
Tax Returns: How to Submit Declarations from Wages and Pensions
Applications for 2015-2021 and amending income tax returns are now open