Showing posts with label Tax. Show all posts
Showing posts with label Tax. Show all posts

Tuesday, April 13, 2021

Different types of taxes

 Different types of taxes

India has two types of taxes, namely Direct Tax and Indirect Tax. The core difference between both the taxes lies in their implementation.

Apart from these types of taxation, there are other taxes or cess levied by the government for specific purposes, which are – Krishi Kalyan Cess, Swachh Bharat Cess and Infrastructure Cess Tax.

Direct Tax

Direct Taxes comprise taxes that you pay directly to the government. These taxes are levied directly on an individual and therefore can’t be transferred to another entity or person. The Central Board of Direct Taxes (CBDT) under the Department of Revenue is responsible for the governance of this tax.

Wednesday, September 2, 2015

Finance Ministry extends last date for filing income tax returns

In a tweet, the Finance Ministry has notified that the last day of filing income tax returns has been extended to September 7, says NDTV.

The Income Tax department had on Monday extended last date for filing I-T returns only for Gujarat, by seven days to September 7 in view of agitation over reservation to Patel community disrupting normal life.

"On consideration of reports of dislocation of general life caused due to recent disturbances in the state of Gujarat, the CBDT hereby extends the 'due date' for filing returns of Income from August 31 to September 7, 2015, in cases of income tax assessees in the state of Gujarat, who are liable to file their income tax returns by August 31," the CBDT said in a notification.

However, this extension has now been made applicable to the entire country.

This year, the last date for filing income tax returns had already been extended to August 31 from the usual July 31 deadline in earlier years.

The Income Tax department in June notified the new set of ITR forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16.

The government had dropped earlier forms which had attracted criticism for seeking numerous additional details.

The tax payers base in the country is just over 4 crore. The government aims to collect Rs 7.98 lakh crore in direct taxes in the current financial year.

SOURCE - DNA