Income Tax filing in Chennai | Kanakkupillai

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How to Avoid Getting TAX Notice ITR Filing

• www.kanakkupillai.com

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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.

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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. 

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Changes in ITR forms

• Multiple changes have been introduced in ITR
  forms for the assessment year 2019-20. The new
  forms seek detailed disclosures to plug tax
  leaks. 
• This year onwards, interest income from your
  deposits (fixed deposits and recurring deposits),
  bank accounts, income tax refund and pass-through
  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. 

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• 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  excuse is no longer valid .
• 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. 

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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. 

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TDS liability on rent and property purchase 
To be filed within 30 days of the end of month in
which TDS is deducted.
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Not deducting TDS on rent 

• 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. 
• 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 .

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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 

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• 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 taxmans radar. 

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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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Income Tax Filing Consultants in Chennai

• 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.

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Contact Us

• CHENNAI OFFICE
• No 13/22 2nd floor, Yatra, TNGO Colony,
  West Karikalan street, Adambakkam, Chennai 88
• Phone [phone]
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