A visit from the Taxman and lost Rs. 8000 :(

I’m depressed. I just had to pay 8000 bucks that I shouldn’t have to. And the worst part is that it’s my own fault. My own over eager idiocy :( . But I’m getting ahead of myself.

The year is 2007-2008 and I had decided to file my income tax returns online for the first time. My salary at that time was a mere 1.64 lakhs and with my investments in tax saving instruments, my payable tax should have been 500 bucks. Now I’m not sure what happened exactly, but I think I wanted to pay advance tax and ended up paying this years tax and filed next years return…(pulls hair out in frustration).

The upshot is that the income tax department never learned that I had invested in tax saving instruments and sent me a notice under section 143(1) saying I had to pay 6000 bucks + interest for two years amounting to a grand total of Rs. 8000. I was heartbroken since I hate parting with money even when I should – imagine my chagrin at having to pay it when I didn’t!

This was on a Saturday and I was leaving for Florida the next day meaning I would never have an opportunity to explain the cock up to the tax authorities and set the record straight. And since I had done this out of my own stupidity, the only thing to do was to take it like a man and fork over the money. Sadly, I had been saving it for paying this year’s taxes! So now I gotta accumulate it all over again.

Damn…

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Comments

  1. Yeah, the dates are confusing…Assessment year 2007-2008 means tax on income earned in 2006-2007…

    Reply

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