Income Tax return filing services in Chennai | Kanakkupillai

How to Avoid Getting TAX Notice – ITR Filing

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Income Tax Notice – Highlights  The tax records are integrated online, so even a small mismatch in detail can be detected and can result in an enquiry.  Simple calculation errors may get you a demand notice, asking you to pay due tax.  The IT Department will now pry into your social media accounts to detect any gap between your expenses and reported income.

ITR Filing The Central Board of Direct Taxes (CBDT) has made it mandatory for everyone to file their returns online, barring super senior citizens above 80 years of age. The tax records are integrated online, so even a small mismatch in detail can be detected and can result in an enquiry.

Changes in ITR forms ďƒ˜ Multiple changes have been introduced in ITR forms for the assessment year 2019-20. The new forms seek detailed disclosures to plug tax leaks. ďƒ˜ This year onwards, interest income from your deposits (fixed deposits and recurring deposits), bank accounts, income tax refund and passthrough income has to be declared separately under each head. This means that you can no longer hide or declare selective interest income in your returns.

ďƒ˜ Taxpayers often quote unawareness about taxability of interest income as the reason for not reporting it correctly. With all the sources of interest incomes listed individually, this excuse is no longer valid . ďƒ˜ Those who hold employee stock options (ESOPs) in their unlisted company will get affected by this. Even shares listed outside India are covered under this option and may have to be disclosed, details of unlisted shares held at any time during the financial year must also be provided.

Foreign assets  The scope of disclosure for foreign assets has also been expanded.

Under the new columns of depository and custodian accounts, you must report assets and bank accounts where you are a beneficiary or signing authority.  If you have worked abroad, you may have an insurance policy or annuity contract. “People who go abroad for work often get enrolled in overseas social security plans. Such plans qualify as overseas assets and need to be reported in schedule FA.

TDS liability on rent and property purchase

To be filed within 30 days of the end of month in which TDS is deducted.

Not deducting TDS on rent

ďƒ˜ The government extended TDS on rent to all salaried individuals and HUF in 2017. Earlier, it was applicable only to those who are required to get their accounts audited as per the tax laws. If you pay rent above Rs 50,000 per month, you have to deduct 5% TDS from the rent paid to the landlord and file it at the end of the financial year. ďƒ˜ Wherever TDS is deducted, the tax department has information on the PAN details of both the deductee and the deductor. In case of a discrepancy between the information reported by the two parties in their forms, a notice may be issued .

Mismatch in income / expenses The IT Department will now pry into your social media accounts to detect any gap between your expenses and reported income. If posts related to foreign holidays, luxury cars, 5-star stays or lavish social events do not fall in line with your declared income, you could be in a pickle. “If your spending pattern is not commensurate with the income disclosed in the ITR, you will have the taxman knocking at your door

 Taxpayers should preserve the relevant bills and documents to explain the transaction in case of an enquiry from the tax department .  By using big data and automation, authorities will be able to keep a better watch on high-value transactions, a slight discrepancy between what you claim to earn and what you actually spend will get you on the taxman’s radar.

Income Tax filing in Chennai  Click here for all you need to know about filing income tax return this year .  How to File ITR in Chennai ? When to file ? What is the last date to file ITR?  For all your queries one-step solution is Kanakkupillai.com

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