Central Board-of-direct-taxation

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With revenues falling, taxman rakes up three-year-old demonetisation cases; about 15,000 jewellers sent tax demands
Business

With revenues falling, taxman rakes up three-year-old demonetisation cases; about 15,000 jewellers sent tax demands

Tax authorities are within the rights to demand tax on past revenue, which takes time to scrutinise, but it is highly unusual for officials to demand the entire revenue as tax.

Income Tax Returns: CBDT has simplified process, but it could be demanding exercise for naive tax avoiders
Business

Income Tax Returns: CBDT has simplified process, but it could be demanding exercise for naive tax avoiders

You can proactively and immediately, on the heels of filing the original return, file a revised return for which there is a provision in the income tax department’s e-filing website itself.