Archive | Income Tax Penalty

Revise your income tax return if you must but exercise caution

One by one, the tax department has been plugging loopholes to prevent tax evasion.  The latest is the diktat on revision of tax returns. A recent release from the tax department has warned people to not revise their returns to accommodate excess cash as current year’s income. Let’s understand in detail.   Who can revise […]

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Pay tax on interest income

Reminder from tax department to pay tax on interest income, revise returns if required

In last year’s tax returns a disclosure in tax returns was added for bank accounts held by a tax payer. It seems the income tax department has done its work related to this information. It has recently asked tax payers to include entire interest income in their tax return and pay tax on it. The release also […]

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Read this if you received reminder to e-file ITR for AY15-16

The Income Tax Department has started to send out emails and text messages as reminders to e-file your Income Tax Returns for assessment year (AY) 2015-16. This means that you have to file your returns on the income that you earned in financial year (FY) 2014-15. The question is—why is the tax department sending out […]

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