Income tax in India

Online income tax declarations are fewer at this point compared to last year by some 300,000, according to the latest data from the Independent Authority for Public Revenue.

More than 2.5 million taxpayers will have to pay their first income tax tranche by late July, and the Finance Ministry is concerned by the drop in tax revenues and is offering taxpayers the options of paying their dues in 12 or 24 monthly installments.

All taxpayers will have to submit their income tax declarations by June 30, according to a law amendment tabled in Parliament on Tuesday, while monthly road tax payments are making a comeback.

The online platform for the submission of this year's income tax declarations (for incomes earned in 2016) opened on Thursday, earlier than ever before, and it appears that it will close on July 15, although a legal clause to that end is still anticipated.

The Finance Ministry has finally issued a list detailing the types of electronic spending - credit and debit cards, e-banking and money forwarding - that will count toward the income tax discount granted to most taxpayers as of this year.

The majority of taxpayers will suffer retroactive tax increases that affect their incomes from January 1, 2016, according to a bill that was to be passed into law in Parliament on Sunday night.

The level of the income tax-free ceiling for Greece's salary workers, pensioners and farmers will be determined by the number of children dependent on each taxpayer.

The country's 8.5 million taxpayers will have to fork out an extra 1.8 billion euros per year in income tax alone according to the set of new measures the government presented on Tuesday in Parliament. In the next few days another bill will follow concerning taxation on consumption.

The new draft bill on taxation that came for deliberation Tuesday provides a 37 percent income tax and 7.5 percent contribution from citizens earning over 40,000 Euro per annum. Employees making between 750-800 Euros per month will be called to share a large burden, as the tax free threshold went to 9,100 Euros per annum from the previous 9,545. The new income tax scale includes: