Hire A Professional And File Your Income Tax Returns Without Any Error

If you don’t want to land in trouble with the tax department, hiring a professional to file your income tax returns is highly advisable. You might have to serve the notice period or get penalised just because of a minor mistake.

A majority of the chartered accountants in Kolkata have years of industry presence. They know the common mistakes people generally make while filing income tax returns. Their complete focus is on preventing you from landing in any sort of trouble with the income tax department. With the right professional by your side, you don’t have to serve a tax notice ever. Instead of waiting for the ITR filing deadline to arrive, hire professionals who will file the return with utmost care.

4 Common Mistakes Taxpayers Make When Filing Income Tax Returns In Kolkata

·         Choosing The Wrong Form

Unless you have prior experience in filing ITR, you might end up choosing the wrong form. The return will be considered to be defective and you have to file a revised ITR. This should be done within 15 days from the date you have received the intimation. If you exceed the time limit, the return will be considered invalid. A businessman will have to pay interest and face numerous penalties if they fail to file ITR. This is why choosing the right form is more important than you think.

·         Failing To File Income Tax Returns

Some people don’t file their tax returns as their LTCG or long-term capital gains are tax-exempt and their gross total income is less than the tax-exempt income level. There have been some amendments in section 139 (1) of the Act. Now you have to file ITR if your gross total income is more than the minimum exemption level. If you are not sure whether you have to file income tax returns or not, get in touch with an experienced accountant. They will help you calculate your LTCG and gross total income.

·         Not Declaring Rent

If you own a house other than the one in which you are currently staying, the expected rent should be included in your gross total income even if it is lying vacant. Accountants filing income tax returns ensure that both deemed rent and expected rent are declared in your income. The notional rental will get added to your income and you have to pay some taxes. Negligence to include the rents will lead to penalties.

·         Hiding Interest Incomes

If you are reporting the income you have received in the previous financial year, make sure you include your interest incomes as well. This should include the interest received from recurring deposits, fixed deposits and savings bank account. This is necessary because the interest received from recurring or fixed deposits are fully taxable. There is some tax relief for interest earned from savings bank account.

Since you are now aware of the common mistakes taxpayers make when filing income tax returns, make sure you avoid those by hiring an experienced accountant offering the service in Kolkata.