ITR3 Form Filing in Chennai   - Kanakkupillai
                     8  common  miistakes  to  avoiid  when  Fiilliing  ITR  -  Kanakkupiillllaii  
https://kanakkupillai.com/
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. 
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. 
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'. 
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. 
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. 
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. 
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. 
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. 
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. 
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
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.
Contact Us:
CHENNAI OFFICE
No 13/22 2nd floor, Yatra, TNGO Colony, West Karikalan 
street, Adambakkam, Chennai – 88
Phone: 7305 345 345
Email: [email protected]
https://www.kanakkupillai.com/
Thank You