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ITR5 Form Filing in Chennai | Kanakkupillai

Kanakkupillai is the best income tax filing service provider in Chennai. They help to file Income Tax Returns (ITR) Filing online in Chennai with CA expert assistance and guide you throughout the process. u2713Certified Professionals u2713Minimal Cost u2713Free Consulting.

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ITR5 Form Filing in Chennai | Kanakkupillai

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  1. 8 common mistakes to avoid when Filing ITR- Kanakkupillai https://kanakkupillai.com/

  2. ITR Filing Date Extended – 31st Aug • The deadline to file income tax return (ITR) has been extended to August 31, 2019. However, while filing your tax return, you should do it with utmost care.  • Here are eight mistakes that are often made by taxpayers. 

  3. 1. Filing ITR using the wrong form  • An individual is required to report all the sources of income that are taxable and tax-exempt using the correct ITR form applicable to him/her. If the ITR is filed using the wrong form, then the return will be termed as 'defective'. You will then have to file a revised return using the correct form.  • An individual can determine which form is applicable to him for filing ITR depending on the sources from which income is earned in the financial year. 

  4. 2. Not reporting incomes from investments  A taxpayer is required to report all the income from investments such as interest income from fixed deposits (FDs), capital gains arising from sale of mutual funds or any other asset. Individuals generally forget to report interest earned from savings bank account, fixed deposits, recurring deposits, etc. under the head 'Income from other sources'. 

  5. 3. Not reporting exempt income in ITR  Income tax laws requires a taxpayer to report all their income, whether exempt from tax or not. It is mandatory for a taxpayer to file his/her ITR if the gross income exceeds Rs 2.5 lakh. 

  6. 4. Not clubbing incomes According to the Income Tax Act, there are certain instances where the taxpayer is required to club the income of his minor child or spouse with his income and pay taxes accordingly. 

  7. 5. Not reporting income from the last job  • If you have switched jobs in FY 2018-19, then income from your previous job must be reported while filing ITR along with income from the current job. • If any income (from previous job) is not reported, then a discrepancy is bound to reflect in your TDS certificate (Form 16) and Form 26AS. • The tax department can send you a tax demand notice asking you pay additional tax dues, if any. 

  8. 6. Not reporting all bank accounts  While filing ITR for financial year 2014-15 onwards, a taxpayer is required to report all the bank accounts held by him. Earlier, you were only required to mention a single bank account where you wanted to receive credit of the income tax refund, if any. However, now only dormant accounts are excluded from requirement of reporting in the ITR. 

  9. 7. Not declaring deemed rent/expected rent  • If you own another house apart from a self-occupied house and it is lying vacant, then you are required to report the expected rent in your gross total income.  • Remember the exemption of paying no tax on notional rent from second house has come into effect from FY 2019-20 therefore, will be applicable while filing ITR next year. 

  10. 8. Failing to revise your income If you have discovered an error after filing your tax return, then you must rectify your mistake. You must file the revised return to rectify your mistake. An individual can file the revised return within one year after the expiry of relevant financial year. The last date to file revised return for FY 2018-19 is March 31, 2020. 

  11. Best ITR Filing Consultants in Chennai Want get your ITR filed in Chennai at low cost and short span of time? No Extra Charges. No Extra Fees. All documentation in Online . Visit Kanakkupillai.com India’s No.1 Business Consultants headquartered at Chennai . Price starts from ₹ 477(ALL INCLUSIVE)* No Hidden Cost

  12. Kanakkupillai Get Guided by Experienced Tax Specialists in Chennai with Kanakkupillai.com - Discover ✓Certified ✓Experienced Income Tax Return Filing Form (ITR)  at kanakkupillai. Emerging tax conflict its a high end to file a tax without proper documentation. Set your foot at kanakkupillai Chennai's Leading No.1 Tax Consultants.

  13. Contact Us: CHENNAI OFFICE No 13/22 2nd floor, Yatra, TNGO Colony, West Karikalan street, Adambakkam, Chennai – 88 Phone: 7305 345 345 Email:support@kanakkupillai.com https://www.kanakkupillai.com/

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