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 economictimes.com 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.

A Comment on New Income Tax Return Forms available now

My Comment on an article "Six things to know about the new income tax return forms" published in the economictimes.com Dated 08/06/2015 at 10 40 pm.


"These are some useful revelations about the structure of new Income Tax Return forms. 

The new IT return, ITR 2 and ITR 2A, contain only 3 pages in place of the old forms containing 14 pages.Only relevant details basically obligatory are to be provided in these forms. 

Now, you are not compelled to disclose details of foreign trips or dormant bank account details.

Any other data can be enclosed as schedules to this Form. Consequently the last date for submission of forms is also going to extended till August 31."

For full details of changes and amendments in forms, you should go through the article at  this Link