By CA Parul Gandhi - August 26, 2018
Introduction of Non-filers Monitoring System (NMS) by Income tax authorities to take a quick action on non-filers with potential tax liabilities is creating a constant concern for taxpayers.
Although, every body aims to be a compliant citizen but various issues faced in arriving at correct reporting figures makes it important to consult a CA (professional) for advice. Most taxpayers are worried of receiving notices, intimations which could have been avoided had your case not fallen in following scenarios:
(A) Difficulties in assessing sources of Income – An income may fall under different heads of income based on the nature of business. For instance, interest income may be taxed as Other Sources for an individual, however, can be a business income for a financial consultant and broker. Similarly, various unknown credits in your bank accounts are also unexplained incomes under IT Act which have stringent tax liabilities and penalties.
(B) Wrong determination of tax liability – A correct computation of tax liability is the key to a successfully filed tax return. Taxpayers need to determine their income as per the provision specified in the Income Tax. In many cases, non-identification of exemptions available, disallowance conditions, lack of information w.r.t decisions of past judgements etc. have lead to either short or excess payment of taxes, resulting in a feeling on discomfort among taxpayers.
(C ) Mismatch of taxes paid- There may be instances when tax deducted by payer is not matching with the amounts in 26AS form. Amounts being disclosed in the tax return form should match with the amounts appearing in the statement of tax deducted. Other unknown reasons can be non-filing of withholding tax (TDS) return by deductor, wrong filing of such returns can exist which lead to unaccepted litigations and stress among taxpayers.
(D) Wrong selection of return forms- This is another big concern among taxpayers. Non-identification is one such reason. Incomes from sources other than Salary and Interest involves return forms different than forms being opted by majority of employees. Selection of return form should be made based on the nature and quantum of income earned or spent during the year.
Taxation itself is complex task for a diligent taxpayer. Further, ITR forms involve several fields and details which require information that need a consideration for appropriate disclosure and involve complex meanings as well. A single mistake can lead to an entire exercise become a Trash. It is advised to consult your advisor before you file.
Filing with TheTaxTellers does not let you self-file, because our focus is not to mere comply with the requirement but to develop a contentment among taxpayers for filing appropriate, accurate information and details in timely manner. Here each return goes through a review process where each and every item is checked along with arithmetical accuracy to ensure the seamless and error-free filing of returns.
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