ITR4 Form Filing in Chennai - Kanakkupillai
                     How to Avoid Getting TAX Notice 
– ITR Filing 
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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.
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. 
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. 
 
 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interest incomes listed individually, this excuse is no longer valid .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. 
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. 
TDS liability on rent and property purchase 
To be filed within 30 days of the end of month in which TDS is 
deducted. 
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 .
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 
 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 
taxman’s radar. 
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
Income Tax Filing Consultants in Chenn
ai
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