Dr. Manmohan Singhji, this is just a gentle reminder to file your income tax return

Dr. Manmohan Singhji, this is just a gentle reminder to file your income tax return for the Financial Year ending 31st March, 2014 on or before 31st July, 2014. I know your secretaries will do this job for you. But, of late, they are busy in writing books about your failures. So, I am reminding you about the due date through this mail.

Should the Prime Minister file Income Tax return?

Yes, of course. The Prime Minister of India gets a monthly salary of Rs.1,60,000/-. The break of the salary is –

  • Basic Pay Rs.50,000/-
  • Sumptuary Allowance Rs.3000/- [it is something like entertainment allowance exempt from tax u/s 10]
  • Daily allowance Rs.62,000/-
  • Constituency Allowance Rs.45,000/-

Mr.SinghjiIf the due date is July end, why are you reminding me now, so soon?

Exactly, I was expecting this question from you. I know, right from you, including me, every individual of this country will always wait till the last minute to file the return.

But you know what; our Chiddanna [EX FM] has made a provision to file IT returns online. The portal of income tax department becomes dead slow during the last week of July and hence it is always better to file the return in the month of June itself.

Anyway Mr. Sarji, you are also free now (your CA also will be relatively free), why can’t you file the return now? Ha, don’t forget to show interest income while filing IT return.

Plus Point

Pure and Vegetarian Water

This is what I read in today’s newspaper (TOI) –

“Most water purifiers claim to kill all viruses, bacteria and germs. But those chemically killed, dead micro-organisms, remain in your water making it effectively non-vegetarian. Prestige Life Straw removes viruses, bacteria and protozoan cysts from the water. So you get safe and pure Vegetarian water”

Land Line: I hope the Advertisement Agency of KFC may not read this advertisement. By chance, if they read this adv, you will find a new Adv next week from KFC and the heading will be “ 100% pure Vegetarian Chicken from KFC

‘Never leave that till tomorrow which you can do today’


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About B E Kumar Prasad

B E Kumar Prasad
He is a Practicing Chartered Accountant in Bengaluru, India. He has 25+ years of experience in income tax, business setup, and NRI matters. He is also an Insolvency Professional and Registered Valuer (F&SA).Prasad welcomes your comments and questions. Please email him at simplifiedlaws20@gmail.com

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