Indian Income Tax Returns – Filing Date Extended to November 7 for FY 2016-17

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By Dezan Shira & Associates

Taxpayers in India that still need to file their income tax returns (ITR) and submit reports for audit covering the Financial Year (FY) 2016-17 have just been granted some relief.

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.

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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.

Please review the following hyperlinks for more information on filing income tax returns, mandatory income tax forms, calculating income tax for expatriates, and annual audits.

 

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