Income tax in India

The submission rate of 2019 income tax declarations is growing, according to data from the Independent Authority for Public Revenue (AADE), with most processed statements incurring no additional tax.

The Finance Ministry is considering a new extraordinary measure for the payment of taxes this year, in more installments than normal, after a better-than-expected performance of public revenues in March.

The Finance Ministry has extended the deadline for the submission of declarations concerning a number of categories in order to assist corporations, accountants and tax experts which are currently facing a struggle to support the economy, as it said in a statement.

The lower house of Bosnia's Federation entity parliament backed a law on hydrocarbon taxation on Wednesday evening, hoping to add 30 per cent to the current corporate income tax on oil that might be produced in future.

Nearly three-quarters of Romanian entrepreneurs argue that they are against reintroducing criminal liability for the non-payment of taxes and contributions, according to a survey conducted by The National Council for Small and Medium-sized Private Enterprises in Romania (CNIPMMR), released on Tuesday.

Greek workers, retirees and self-employed professionals will see a significant reduction in their tax bills in 2020, says a bill that reduces the lowest income taxes to 9 percent from 22 percent for income to 10,000 euros, Kathimerini reported.

The bill will also include provisions for construction and tax cuts on business profits.

The Finance Ministry is informally granting taxpayers an extra day for the submission of their income tax declarations for 2018, pushing the deadline back from midnight on Monday to midnight on Tuesday.

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.