The last date for filing of income tax returns (ITRs) for FY 2016-17 has been extended to 5 August 2017. The income tax return filing online portal was showing several errors as per taxpayers since the last 203 days, and was completely down since morning. The official Income Tax twitter handle posted the following –
In view of the difficulties faced by taxpayers, date for filing of Income Tax Returns for FY 2016-17 has been extended to 5th August, 2017.
— Income Tax India (@IncomeTaxIndia) July 31, 2017
The linking of Aadhaar number with the PAN (Permanent Account Number) of taxpayers has also been made mandatory for filing of ITR, beginning July 1. This move will ensure that traders dealing in Bitcoins would need to make adequate disclosures as they would be undertaking the transactions through KYC completed accounts. Please read our post on taxes in relation to Bitcoin trade for detailed analysis on what a Bitcoin trader needs to do to ensure tax compliance.