CA Ravindra Patil

Taxpayers should follow following things, to not get stumped: 1)        To claim deduction under section 80C e.g. provident fund, insurance, etc., investment should be made before 31 st  March. 2)        Salaried persons should provide the details of investments to employer, so that less TDS will be deducted in the month of March. 3)        If advance tax is not paid before 15 th  March, then it should be paid before 31 st  March, so that less interest will be levied. 4)        If Income Tax return of March 2014 is not filed, then it can be filed before 31 st  March 2016. 5)        If there is a difference in 26AS and Income as per income tax return, enquiry may come. 6)        If turnover of business is more than 1 crore, then tax audit is required to be done. 7)  ...

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 23 rd  March, 2016 Sub: Inclusion of interest income in the return of income filed by persons liable to pay tax- regarding- Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and state treasuries, etc. Form 26AS reflects only those payments on which tax has been deducted and it can be viewed by the individual tax payer by logging in to  www.incometaxindiaefiling.gov.in.   The information about interest payments without deduction of tax is also filed by the payer with the Department. Central Board of Direct Taxes would like to inform the persons earning interest income that interest credited/received on deposits is taxable unless exempt under section 10 of the Income-tax Act. Such interest inc...