GST is an acronym of Goods and Services Tax, it was introduced on 1st July across the country. New indirect tax regime, replaces several complex taxes such as Value Added Tax (VAT), Service, Octroi, Excise levied by the Central as well as State Government. Within the few days of implementation of the new indirect tax regime, the government is getting the good response from it. Initially, the Government, business entities, and traders have to face some issues with the newly introduced of Goods and Services Tax Regime (GST) but for the long purpose, it will definitely beneficial for the country as well as the Government.
A Top Expert on Sunday has announced that the Filing Income Tax Returns (ITRs) for the Financial Year 2016- 17 remains same i.e., 31st July but with some demand it has been extended till 5th August. The expert further added that “The department has already received over 2 crore returns filed electronically. The department requests taxpayers to file their return in time.”
While e- filing taxes at Government website taxpayers have to deal with some issues, expert said in this regard that as such no major faults have been faced with filing taxes at government website -http://incometaxindiaefiling.gov.in/-, sometimes inconvenience faced by taxpayers when the website was “interrupted for maintenance”.
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From last several days, the tax department has to remind to tax payers by giving advertisements in leading newspapers that taxpayers must disclose their correct income and must file their ITRs before the last date i.e., 5th August.
For Filing Income Tax Returns (ITR) in the new indirect tax regime, it is compulsory to Link Aadhaar Number with the Permanent Account Number (PAN).
The tax department has also informed to taxpayers that they must show their cash deposits transactions made in bank accounts aggregating to Rs 2 lakh or more, lying in between 9th November to 30th November in last year after the demonetization effect. As of now, for Financial Year 2016- 17 or Assessment Year 2017- 18, taxpayers must file Income Tax Returns (ITRs) by 5th August.