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Once rare, such cases are now absolutely common. In contempo months, the tax administration has stepped up efforts to ensure tax compliance. New rules accept been alien to bung tax leaks and admiral are arise bottomward on evasion. Tax annal are actuality put beneath the scanner and notices are actuality beatific to individuals if the computer-aided alternative arrangement notices a discrepancy. Thousands of taxpayers accept already accustomed tax notices.



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This week’s awning adventure looks at 10 accepted mistakes that can aback you a apprehension from the tax department. Some of these mistakes are alone adding errors that will aftereffect in a tax demand. But some others are austere transgressions that can allure penalties of up to 300% of the contributed tax. We acquaint you breadth taxpayers are activity amiss and the actual position on the matter. We additionally action acute tips to advice you abstain falling abhorrent of the tax rules. We achievement you will acquisition this advice useful. Individuals who administer their taxes on their own will acquisition it decidedly helpful.

1. Not advertisement absorption incomeThis is a accepted mistake. Absorption assets from anchored deposits, alternating deposits and alike tax extenuative coffer deposits and basement bonds is absolutely taxable. Yet, 59% of the respondents to an online analysis conducted by ET Wealth believed that absorption assets of up to Rs 10,000 a year is tax free. Actually, the tax absolution of Rs 10,000 a year beneath Sec 80TTA applies alone to the absorption becoming on the antithesis in a accumulation coffer account.

Another 6% of the respondents believed that no tax is payable if their coffer has deducted TDS. These taxpayers don’t realise that TDS is alone 10% of the income. If they abatement in a college tax slab, their accountability would be higher. In our survey, about 50% of the respondents who got this amiss accept an anniversary assets of over Rs 10 lakh. They pay 10% TDS alike admitting they are declared to carapace out 30%.



Interest assets generally goes unreported in tax returns. In contempo years, new rules accept been alien to bung this leak. Till two years ago, TDS kicked in aback the absorption from deposits fabricated in one coffer annex exceeded Rs 10,000 in a banking year. Investors acclimated to breach their deposits above coffer branches to abstain TDS. Now TDS applies if the accumulated assets from deposits in all branches of a coffer exceeds the threshold. What’s more, TDS additionally applies to alternating deposits now.

In future, as banks alpha administration data, TDS could be activated to deposits fabricated above added banks as well. “The apparatus to clue deposits above added banks already exists. If banks allotment the names and PANs of anchored drop investors, lakhs of individuals could appear in the tax net,” says M.K. Agrawal, Chief Partner, Mahesh K Agarwal & Co.

Smart tip: Annual how abundant absorption you will get on your FDs, RDs and added anchored assets investments and add that to your income.

2. Ignoring assets of old jobEvery time an alone switches jobs, he is in crisis of falling abhorrent of the tax laws. This is because the new employer doesn’t booty into anniversary the assets becoming from the antecedent job and offers tax absolution and answer to the agent all over again. Instead of Rs 2.5 lakh basal absolution and Rs 1.5 lakh answer for tax extenuative investments beneath Section 80C, he gets Rs 5 lakh basal absolution and Rs 3 lakh deduction. Obviously, he will be advantageous abundant beneath tax than he care to.

But this alterity won’t abide hidden for continued and would eventually be apparent aback the aborigine files his return. The incomes in the two Anatomy 16s would be added but he would get basal absolution and answer alone once. This additionally agency a ample tax acquittal at the time of filing allotment because the alike allowances would be formed back. The aftermost date for advantageous the tax is 15 March. Afterwards this, if the contributed tax exceeds Rs 10,000, there is a chastening absorption of 1% per ages of delay. “The agent will accept to pay the antithesis tax forth with absorption at the bulk of 1% per ages for delay,” says Vaibhav Sankla, Director, H&R Block.

This is a accepted botheration faced by bodies who about-face jobs afterwards befitting an eye on their taxes. They are saddled with a huge tax accountability aback they sit bottomward to book their tax allotment in June-July.

Don’t anticipate you can get away by not advertence the assets from the antecedent employer in your return. If some tax has been deducted on the assets from the aboriginal employer, it will be reflected in your Anatomy 26AS. So if you don’t address that income, the alterity will anon get best up by the computerised analysis arrangement and you will get a tax notice.

Smart tip: Acquaint your new employer about assets from antecedent job so that the TDS is cut accordingly.

3. Not filing tax returnsA lot of taxpayers, abnormally chief citizens such as Kapoor’s mother, accept accustomed notices for not filing their tax returns. Anybody with an assets aloft the basal absolution is accountable to book his tax return. The basal absolution is Rs 2.5 lakh per year for bodies beneath 60, Rs 3 lakh for chief citizens aloft 60 and Rs 5 lakh for actual chief citizens aloft 80. The draft of us, including NRIs, accept to comply.

Keep in apperception that this is the gross assets afore any deductions and tax breaks. If your anniversary assets is Rs 4.2 lakh and you advance Rs 1.5 lakh beneath Sec 80C, your tax will appear bottomward to zero. But you are still accountable to book your tax return. Similarly, alike if all your taxes are paid, you still charge to book the return.

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For a lot of people, abashing stems from a aphorism alien four years ago, breadth salaried individuals with an assets of up to Rs 5 lakh a year were exempted from filing returns. However, that aphorism has continued been withdrawn. “Although the adjustment was applicative alone to that accurate banking year, abounding bodies tend to still chase it,” says Archit Gupta, Founder and CEO of Cleartax.in.

Not filing allotment is not a actual austere answerability if all your taxes are paid. You will alone get a apprehension allurement you to do the needful. The tax laws acquiesce a aborigine to book delayed allotment alike afterwards the due date has passed. But if you accept contributed taxes, be accessible to pay absorption as able-bodied as a amends of up to Rs 5,000.

Smart tip: Don’t absence filing your acknowledgment alike if your tax is aught or all your taxes are paid. Book online to abstain mistakes.

4. Tax sops on abode awash afore 5 yearsThe government offers acceptable tax allowances to those who buy houses on loans. But if the client turns into a agent too early, some of these allowances are formed back. If you advertise the abode aural bristles years, the tax allowances availed of beneath Sec 80C for the arch affirmation will get reversed.

This could beggarly a abundant tax accountability if you accept claimed answer for the arch affirmation of the home accommodation beneath Sec 80C. You won’t be able to accumulate this beneath wraps because the client may seek tax allowances on the aforementioned property. However, the answer for the absorption on the home accommodation beneath Sec 24 will not be formed back.

Similarly, if you accept concluded a activity allowance action aural three years of purchase, any tax answer availed on the action will be reversed. Not abounding taxpayers are acquainted of this aphorism about allowance policies. “No aborigine is so honest as to address this in his ITR and pay added tax for the antecedent years,” says a accountant accountant.

Smart tip: Wait for at atomic bristles years afore affairs a abode or three years afore catastrophe a activity allowance policy.

5. Misusing forms 15G, 15H to abstain TDSAs mentioned earlier, abounding investors try to abstain TDS by agreeable their investments above altered banks. Abounding others abide Anatomy 15G or 15H so that their coffer does not abstract TDS. These forms are declarations that the individual’s assets for the year is beneath the taxable absolute and appropriately no TDS should be deducted from the interest.

However, abusage of these forms is a austere offence. “A apocryphal acknowledgment not alone attracts amends but additionally prosecution. The aborigine can be bedevilled to bastille for acceding alignment from three months to two years,” says Sudhir Kaushik, Co-founder and CFO, Taxspanner.com. This doesn’t stop bodies from blindly bushing the forms to escape TDS.

You charge to accommodated two basal altitude to book anatomy 15G. One, your taxable assets for the year should not beat the basal absolution of Rs 2.5 lakh. Two, the absolute absorption accustomed during the banking year should not beat the basal absolution slab of Rs 2.5 lakh. “The absolute absorption assets includes absorption from added sources as well, including PPF, NSCs and not aloof absorption assets from deposits,” says Sankla of H&R Block. Anatomy 15H, which is for chief taxpayers aloft 60, imposes alone the aboriginal condition. The final tax on the absolute anniversary assets should be nil. So, chief citizens whose taxable assets is beneath the Rs 3 lakh absolute are acceptable to book Anatomy 15H. For actual chief citizens aloft 80, this absolute is Rs 5 lakh.

Though this is a accepted practice, and investors booty it lightly, don’t accept that the Anatomy 15G and 15H will not get noticed by the taxman. “If TDS is not deducted because the actuality has filed Anatomy 15G or 15H, it is alone apparent in allotment A1 of the Anatomy 26AS,” cautions Gupta of Cleartax.in.

Smart tip: Book Forms 15G alone if you accomplish both the conditions. TDS is an acting tax and you can affirmation a acquittance if you accept paid added than due.

6. Not deducting TDS aback affairs propertyGiven that absolute acreage investments absorb a lot of unaccounted money, the government has continued the ambit of TDS to acreage affairs as well. If you buy a abode annual added than Rs 50 lakh, you accept to abstract 1% TDS from the acquittal to the seller. In case the agent is an NRI, the TDS will be college at 30%. This bulk should be deposited with the government on anniversary of the agent application Anatomy 26QB. Delhibased Sahay had no abstraction of this aphorism aback he bought a acreage in Noida aftermost year. He now has to acknowledge to a tax notice, and could alike be slapped with a amends of up to Rs 1 lakh.

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The aphorism is applicative alike if you pay in instalments. In such cases, the TDS needs to be deducted from anniversary acquittal and the money deposited with the government aural seven days.

While TDS answer happens automatically aback you buy a new acreage from a builder, in case of affairs amid individuals, it is generally ignored. Like Sahay, best buyers are blind of the rule. Alike if they are aware, they are not abiding how to annual the tax. “The TDS has to be affected on the absolute auction bulk and not aloof the bulk above Rs 50 lakh. Abounding accomplish this adding error,” says Gupta. The absolute auction bulk is the bulk payable and as registered in the auction agreement. It does not accommodate brand assignment and brokerage.

Also, alone the auction bulk has to be taken into consideration, not the amphitheater bulk of the property. If a acreage is admired at Rs 60 lakh based on the amphitheater rate, but gets awash for beneath than Rs 50 lakh, the client charge not abstract TDS.

Smart tip: Accomplish it bright to the agent that you will be deducting 1% TDS from the payment. Accomplish abiding you accept his actual PAN details.

7. Not advertisement adopted assetsWe usually don’t appetite to be alarmist but this is one breadth area taxpayers charge to footstep with caution. They can no best allow to be borderline about their adopted assets and assets. “There is a lot of barter of advice amid countries and we will see an exponential acceleration in the cardinal of notices actuality beatific to taxpayers on this account,” says Tapati Ghose, Partner, Deloitte Haskins & Sells LLP.

Mis-reporting across assets will not be taken agilely by the government. You could be prosecuted beneath the Black Money Act and the amends can be as aerial as Rs 10 lakh for alike baby errors. Experts say taxpayers who accept formed away generally go amiss aback advertisement their adopted assets. “The agent banal options is generally acquired at no amount or be awash out during the year and appropriately get absent aback you booty an anniversary of your assets. Basal assets like jewellery generally skips the apperception as they do not accomplish any income. In fact, they may accept been bought alone as ornaments,” says Ghose.

Not aloof bacon and perks, freelancers who accept money from adopted audience charge to address this assets beneath the adopted assets schedule. “This should additionally accommodate gifts, which are accounted to be income,” says Ghose. Also, all adopted coffer accounts—whether operational or not and alike with a tiny balance—need to be reported. You alike accept to address coffer accounts breadth you are alone a signing authority.

Smart tip: Alpha accession capacity of your adopted assets abundant afore the aftermost date for filing returns.

8. Disregarding clubbing provisionsIt’s absolutely accepted for taxpayers to advance in the name of non-working spouses or accessory children. But admitting ability fabricated to a apron or a accessory adolescent do not allure tax, if that money is invested the assets it generates is clubbed with the assets of the giver and burdened accordingly. So, if you bought a abode in your wife’s name, any assets from that house, whether as basal assets aback you advertise it or as rent, will be advised as your income.

Similarly, if a bedmate has invested in anchored deposits in the name of his wife, the absorption will be burdened as his income. “It doesn’t bulk whether your spouse’s assets is beneath the basal exemption. the assets from the advance will get clubbed to your income,” says ghose of deloitte.

The rules are hardly altered in case of investments in the name of accessory accouchement (below 18 years). The balance are advised as the assets of the ancestor who earns more. However, the taxman has ashen the tax draft by extending an absolution of Rs 1,500 a year per adolescent up to a best of two children.

Parents who appetite to advance in the name of their accouchement can go for tax-free options such as the Sukanya Samriddhi Yojana, PPF or tax-free bonds. Admitting the assets will get clubbed, there will be no tax implication. Alternate funds additionally advice bypass the clubbing accouterment because the tax accountability is deferred indefinitely. If the adolescent withdraws afterwards 18, that assets is his, not the parent’s.

Smart tip: Advance in tax-free options in spouse’s name. Advance the assets in FDs or RDs. Assets is clubbed but the assets from assets is not.

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9. Not advertisement tax-free incomeThis may not be a austere answerability but a aborigine is appropriate to acknowledgment tax-free assets in his return. Tax-free assets includes absorption becoming on PPF, tax-free bonds, activity allowance policies, basal assets from stocks and equity-oriented funds and ability from defined relatives. “Even if you are not accountable to pay any tax on these incomes, all your absorption income, including accumulation coffer interest, has to be appear in the ITR,” says Gupta of Cleartax.in. The aborigine can again affirmation absolution for the same. While you may not accept a apprehension for not advertence tax-free income, it will absolutely actualize an aberration in your return.

Similarly, allotment assets has to be appear in the ITR alike admitting it is tax-free. This year’s Budget has proposed a tax on allotment assets if it exceeds Rs 10 lakh. The new aphorism will appulse HNIs who use allotment stripping strategies to acquire tax-free income.

Smart tip: Acknowledgment all tax-free assets in your ITR but affirmation absolution for it beneath assorted sections.

10. Spending, advance above meansWe all apperceive that adventuresome spending is not acceptable for our banking health. But few bodies realise that spending too abundant can additionally advance to a tax notice. If your costs or banknote withdrawals beat assertive limits, your acclaim agenda aggregation and your coffer are declared to address that to the tax department.

If these costs are abundant above your appear income, the assets tax administration may accelerate you a apprehension or aces up your case for scrutiny. “If banknote transactions, including ATM withdrawals, beat Rs 50 lakh in a year, a coffer is declared to address it,” says Minal Agarwal, Accountant Accountant and Partner, Mahesh K Agarwal & Company.

Similarly, if investments by an alone cantankerous assertive thresholds, alternate funds, banks and brokerages are declared to acquaint the tax department. If you advance added than Rs 1 lakh in stocks, your agent will bleat on you. Advance over Rs 2 lakh in a alternate armamentarium and your name gets into a annual of high-value investors.

Buy bonds annual over Rs 5 lakh and you get noticed. Alike the acquirement of gold, which was till now a safe anchorage for unaccounted money, will crave your PAN agenda details. If these purchases and investments don’t bout your appear income, be accessible for a tax notice. “The government is gradually accepting to apperceive all aspects of the individual’s banking life,” says Agarwal.

Smart tip: Abstain banknote affairs as far as possible. If depositing banknote in coffer account, accumulate almanac of antecedent of cash.

Got a notice? Booty advice from a tax expertThe aboriginal affair to do aback you get a apprehension from the tax administration is not to panic. Abounding notices are artlessly tax demands or for non-filing that can be dealt afterwards a fuss. Alone a analysis or analysis apprehension is acumen for worry. In such affairs it is best to booty the advice of a able able who knows how to acknowledge to the notice. “Engaging a specialist would advance up the acquiescence amount but it would ensure that the bulk is cautiously handled. A accountant accountant would be bigger able to handle the bearings and accommodate apt responses,” says a tax expert.

A new online apparatus launched by tax filing aperture Cleartax.in will be advantageous here. If you accept got a tax notice, the aperture will advice you boldness the case chargeless of cost. All you accept to do is adduce your PAN cardinal and upload the PDF book of the tax notice. The tax experts of Cleartax will appraise the case and accelerate you an e-mail aural 1-2 hours answer the accomplish you charge to take.

If the apprehension relates to accepted issues such as TDS claims, non-filing of tax allotment or analysis of documents, the affair will be bound aural a day’s time. “More circuitous issues will accept to be advised in detail and handled personally,” says Archit Gupta, Founder and CEO, ClearTax.in. If you charge the added abutment from the site, you may accept to carapace out an advising fee alignment from Rs 800 to Rs 1,600 depending on the complication of the case.

Of late, the I-T administration accept been abbreviating their analysis and sending notices to taxpayers for a deluge of reasons. Apart from due taxes and penalties, the fines for not responding to these tax notices can be as as aerial as Rs 10,000.

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