UPSC Current – Deadline for I-T returns extended
Deadline for I-T returns extended
Why in News?
The government has further extended the date for filing income tax returns for the financial year 2019-20.
For taxpayers who need to get accounts audited or furnish reports on specific domestic or international transactions, the deadline is now January 31, 2021.
Classification of Taxes
Broadly taxes are divided into two categories:
- Direct Taxes
- Indirect Taxe
- A direct tax can be defined as a tax that is paid directly by an individual or organization to the imposing entity (generally government). A direct tax cannot be shifted to another individual or entity. The individual or organization upon which the tax is levied is responsible for the fulfillment of the tax payment.
- The Central Board of Direct Taxes deals with matters related to levying and collecting Direct Taxes and formulation of various policies related to direct taxes.
- A taxpayer pays a direct tax to a government for different purposes, including real property tax, personal property tax, income tax or taxes on assets, FBT, Gift Tax, Capital Gains Tax, etc.