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  • Consult your CA earlier than later
  • File return of income disclosing true income in time
  • Offer to tax each and every kind of income including exempt incomes like agricultural income.
  • Include income of non-working wife and minor child in total income
  • Always follow the words in the statute (Income tax Act)
  • Pay your taxes in advance during the relevant previous/financial year itself to enhance tax rating
  • Always match TDS with gross receipts
  • Submit statutory forms for deduction upfront else may endanger claim
  • Make full and true disclosure of primary facts in the ITR and place all materials at the earliest opportunity
  • Question territorial jurisdiction of the AO upfront on receipt of any communication
  • Never open all your cards before the Assessing Officer
  • Never fail to deduct tax wherever and whenever applicable
  • Apprise Income Tax Department for any change in address
  • Keep good record of transactions to establish any loss incurred whenever so required to do
  • Do not make cash deposits or cash payments in the books of account and the bank
  • Demarcate in books statutory held CSR expenses from expenses incurred under a voluntarily assumption of responsibility.
  • Assessment order passed in respect of any year and findings arrived at in one year applies to that year only.
  • What is to be brought to tax in an assessment is the real profits of a business in their normal and natural sense, in a sense in which no commercial man will misunderstand.

Happy CA day,

CA Gopal Nathani, dailytaxreporter.com

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