Income Tax filing in Chennai

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Challenges Taxpayers face while Filing ITR 

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ITR Filing

• The process of filing income tax return (ITR) can
  become quite complex if you do not understand the
  implications of what you are filling in the
  form. 
• When you file ITR make sure you are ready with
  all the correct information required because any
  inattention on your part can lead to a higher tax
  outgo. 
• Kanakkupillai list 10 challenges taxpayers can
  face at the time of filing ITR and how to
  overcome them. 

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Challenge 1 Which ITR to file? 

• The income tax department issues seven ITR forms
  and which form you should use depends on your
  sources of income.
• The number of forms can also change every year.
  The basic ITR form for most salaried people is
  ITR-1.
• However, there are certain conditions that a
  person must satisfy in order to be eligible to
  file ITR1, therefore, all resident salaried
  individuals may not be eligible to file ITR-1. 

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Challenge 2 Computation of taxable income 

• There are several incomes which are tax-free and
  incomes from which deductions and exemptions are
  allowed. 
• For instance, you may get incomes from multiple
  sources like fixed deposit interest, rental
  income from house property, savings account
  interest, income from short-term/long-term
  capital gains, etc. So, keeping a track of income
  from different sources to compute taxable income
  can become quite complicated. 

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Challenge 3 Calculating deductions

• You can save tax by claiming deductions from
  income up to Rs 1.5 lakh in a financial year
  under section 80C of the Income-tax Act, 1961.
• This can be claimed by making investments in
  several financial products that allow section 80C
  benefit or by way of specified expenses like
  paying your child's tuition fee,etc 

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Challenge 4 Filling correct tax deducted at
source (TDS) in ITR 

• You must also know that the TDS is not only
  deductible from your salary but also from other
  incomes such as interest income from fixed
  deposits.
• Therefore, if the details entered by you in the
  ITR form do not match with Form 26AS, the return
  filed can be incorrect. Rectifying the same can
  be challenging. 

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Challenge 5 Having multiple Form 16s 

• Often it can become difficult to file your return
  if you have switched jobs during the financial
  year and even more so if you have invested money
  regularly during the year in tax-saving products.
• In such a case, you not only have to take Form 16
  from your current employer but also from the
  previous employer/s. 

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Challenge 6 Not able to get HRA tax relief 

• Calculating HRA exemption is important as it
  helps you in understanding how much exemption you
  can get from your income. 
• If you are living in a rented house, you need to
  submit rent receipts, rent agreement, and
  Permanent Account Number (PAN) of the landlord
  which is mandatory if your yearly rent exceeds Rs
  1 lakh with your company's human resource (HR)
  department. 

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Challenge 7 Not submitting tax proofs to the
employer on time 

• If you have not submitted the tax saving-related
  investment proofs/documents to your employer on
  time, you will not get the deduction or exemption
  tax benefit from your salary income and these
  deductions will not show in your Form 16.
• Hence in a scenario like this, you have to
  compute your taxable income carefully, filing an
  ITR with incomplete information can lead to
  higher tax outgo. 

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Challenge 8 Forgetting/not knowing your password 

• Many taxpayers are totally dependent on
  professional chartered accountants who take care
  of their ITR filing. Most of the time, their ITR
  accounts are also accessed by their CAs. 
• A lot of us tend to forget our e-filing account's
  password since the account is accessed just once
  a year. In such a long span, generally, taxpayers
  forget their account's password. In a scenario
  like this, recovering the account can become
  onerous. 

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Challenge 9 Not paying advance taxes on time

• If your total tax liability is more than Rs
  10,000 in a financial year, then you are liable
  to pay advance tax during the year. This advance
  tax applies to all taxpayers whether you are a
  salaried individual, freelancer or a
  businessman. 
• You have to pay advance tax in quarterly
  instalments with 15 percent on or before 15 June,
  45 percent (minus advance tax already paid) on or
  before 15 September, 75 percent (minus advance
  tax already paid) on or before 15 December, and
  100 percent (minus advance tax already paid) on
  or before 15 March. 

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Challenge 10 Last minute ITR filing 

• Collating information from several sources and
  then filing ITR with correct information at the
  last minute can be taxing.
• Unfortunately, if you have filed the wrong ITR,
  you will have to again file a revised one.
• If you miss the due date for filing the ITR and
  file it later, then you will have to pay a late
  filing fee as applicable. 

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ITR Filing in Chennai

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  Chennai with Kanakkupillai.com - Discover
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  Form (ITR)  at kanakkupillai. Emerging tax
  conflict its a high end to file a tax without
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  kanakkupillai Chennai's Leading No.1 Tax
  Consultants.

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