There could be multiple reasons for taxpayers receiving the I-T notice. The prominent ones being non-reporting of FD interest and savings bank account interest in the ITR
Chandan Agarwal featured in Financial Express
Common Income Tax Mistakes: Completing one’s tax planning exercise at the fag end of the financial year comes with its own share of risks.
Income Tax Changes: March 31 is an important date for income taxpayers in India as a number of changes are going to kick in from April 1.
Did you file your Income Tax Return for Annual Year 2020-21 as of yet? If not, Income tax India has an important message for you.
CBDT again defers GST Reporting in Tax Audit Report
Chandan Agarwal featured in The Economic Times regarding Investments in Equities
ITR Filing: The deadline for Income Tax Return (ITR) filing for AY 2020-21 is 31st March 2021. Those who are thinking that there will be some extension in the ITR deadline should note that the Income Tax Department has made it clear that taxpayers better file their ITR within the given deadline.
Interest income from savings bank account is categorised under ‘other income’ and deduction up to Rs 10,000 or Rs 50,000 are provided under Section 80TTA and 80TTB
The I-T Department will get information related to capital gains/losses, dividend income as well as interest on Post Office deposits and FDs in NBFCs. So non-reporting of these incomes may land you in trouble.
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