Thursday, 20 August 2015

A comment related to disclosure of investments and interests in your Income Tax Returns

My Comment on an article "You could be filing a faulty tax return; here's how to avoid getting it rejected"  published in the dated 20/08/2015 at 5 pm. 

"Very useful article for taxpayers regarding filing of their tax returns correctly and accurately. They can check all the points raised by this author and see whether they are fulfilling these things before filing the return."

The main points to note are that one should declare his assets and investments and the rent or interest received from those items. while filing the returns. Otherwise, they could be liable for default and fined for willful non-disclosure. 

One should bear in mind that only interest received on savings accounts are exempt from tax, not others.

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