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Tax demanded

R. A. Shaikh (Service) (3 Points)

20 December 2016  
Hi all, I had a Recurring Deposit account opened long before amendments to IT Act taxing RD Interest. The RD matured in 2015-16. However, I failed to report RD interest in IT return. Now, Department is asking for Tax alongwith penalty, order issued. please advice. Thanks

 1 Replies

Nitin Bhuta (Chartered Accountants) (688 Points)
Replied 20 December 2016

In my opinion penalty is not leviable but tax and interest is payable rest all is dependent on the facts of the matters.

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