Income Tax Reporting

While the name “income tax reporting” seems to suggest that you only need to report income, it is not really the case. It has been expanded to report investments that you already have, whether they gave you any income or not during the assessment year. After reading a comment on one of my blog posts I became aware of the fact that some people might be misinformed about what is supposed to be reported. Since I am not a tax adviser, I cannot tell what everyone should report, but I will go over what I have been reporting over the … Continue reading “Income Tax Reporting”

Tax Audit

I was recently audited by the Income Tax Department and thought that the whole faceless scrutiny process was interesting. So here is something about it. It seems like I was one of those people who got randomly selected for Limited Scrutiny (Computer Aided Scrutiny Selection). It was the government’s way of testing out the e-Proceedings facility. Here is the email I received from the Income Tax Department. Dear Taxpayer, Thank you for filing your return of income for Assessment Year 2018-19 vide Ack. no. XXX on XXX. While acknowledging the care and diligence you may have taken in preparing the … Continue reading “Tax Audit”