ITR6 Form Filing in Chennai | Kanakkupillai

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8 common mistakes to avoid when Filing ITR -
Kanakkupillai

• https//kanakkupillai.com/

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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. 

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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. 

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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'. 

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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. 

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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. 

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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. 

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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. 

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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. 

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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. 

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