The Income Tax Department, which is headed by the Commissioner of Income Tax administers income tax. It falls under the responsibility of the Ministry of Finance. The Commissioner is prepared to give rulings in advance to taxpayers on the tax treatment of specific proposed transactions, although such rulings are not published. A ruling is binding on the tax authorities when the taxpayer who made the application for the application carries out the transaction.<\/p>\n\n\n\n
Any person may, with the approval of the Commissioner of Income Tax, adopt an accounting year-end other than June 30 and submit a return on the basis of that accounting year-end. A corporation whose accounting year ends on June 30 has seven months to file its tax return; otherwise, it has between 4 and 14 months to do so. Individuals are required to submit their tax returns by September 30 for income derived in the year to June 30 immediately preceding that date.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Income Tax Department, which is headed by the Commissioner of Income Tax administers income tax. It falls under the responsibility of the Ministry of Finance. The Commissioner is prepared to give rulings in advance to taxpayers on the tax treatment of specific proposed transactions, although such rulings are not published. A ruling is binding on the tax authorities when the taxpayer who made the application for the application carries out the transaction. Any person may, with the approval of the Commissioner of Income Tax, adopt an accounting year-end other than June 30 and submit a return on the basis…<\/p>\n","protected":false},"author":1,"featured_media":3945,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[128],"tags":[],"class_list":["post-2788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxation-system"],"acf":[],"yoast_head":"\n