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). The Ministry of Corporate Affairs (MCA) made the announcement on October 31 via notification F.No 225/270/2017ITA.II.
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.
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 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.
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. This is relaxed for bank accounts not in use for three years or longer.
India Briefing is published by Asia Briefing, a subsidiary of Dezan Shira & Associates. We produce material for foreign investors throughout Eurasia, including ASEAN, China, Indonesia, Russia, the Silk Road, & Vietnam. For editorial matters please contact us here and for a complimentary subscription to our products, please click here.
Dezan Shira & Associates provide business intelligence, due diligence, legal, tax and advisory services throughout India and the Asian region. We maintain offices in Delhi and Mumbai and throughout China, South-East Asia, India, and Russia. For assistance with India investment issues or into Asia overall, please contact us at firstname.lastname@example.org or visit us at www.dezshira.com.
Dezan Shira & Associates is a pan-Asia, multi-disciplinary professional services firm, providing legal, tax and operational advisory to international corporate investors. Operational throughout China, ASEAN and India, our mission is to guide foreign companies through Asia’s complex regulatory environment and assist them with all aspects of establishing, maintaining and growing their business operations in the region. This brochure provides an overview of the services and expertise Dezan Shira & Associates can provide.
The third edition of Tax, Accounting and Audit in India is updated for 2017, and provides an overview of the fundamentals of India’s tax, accounting, and audit regime. The guide also includes a detailed introduction of the Goods and Services Tax (GST) that was launched on July 1, 2017, representing the complete transformation of India’s indirect taxation structure.
In this issue of India Briefing Magazine, we discuss payroll processing and reporting in India, and the various regulations and tax norms that impact salary and wage computation. Further, we explain India’s complex social security system and gratuity law, and how it applies to companies. Finally, we describe the importance of IT infrastructure, compliance, and confidentiality when processing payroll in India.