Income Tax Returns in Chennai -Kanakkupillai


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Uploaded on Jun 6, 2019

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Consult the best Income tax filing in Chennai form advisors of Kanakkupillai. Get your procedures done simply by a call @ 7305345345 or direct visit from Kanakkupillai executive - certified tax agents in Chennai. As Taxation Online has become the most tedious process nowadays, your one step solution will be Kanakkupillai.

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Income Tax Returns in Chennai -Kanakkupillai

ITR Filing Due Date May have to Extend – Due to Recent Changes by Tax Department. www.kanakkupillai.com ITR Return Filing  The government may have to extend the due date for filing income tax return (ITR) this year.  The normal due date or deadline for filing ITRs by individuals is July 31. This is because the Central Board of Direct Taxes (CBDT) has issued a notification dated June 4, 2019 extending the deadline for employers to file their TDS returns and also to issue Form 16 to employees to June 30th and July 10th respectively.  If employees get their Form 16 by July 10th it leaves very little time for thousands of tax payers to file their returns if the deadline for filing of ITRs remains July 31 – only 21 days.  Also, remember that since last year a penalty is payable for filing ITR after due date. Therefore, following this move of the CBDT, the extension of the due date for filing ITRs for individuals may well get extended too. 2 Latest Changes Made by Tax Department ➜ The due date has been extended considering the latest changes made by the tax department in Form 24Q and to redress genuine hardship of employers in timely filing of TDS return in revised format of Form 24Q. The CBDT has issued a notification to amend the Form 24Q and Form 16 (TDS certificate in respect of salary income) with effect from May 12, 2019. As per the new format, every employer is required to report the detailed break-up of salary, exempt allowances and deductions claimed and allowed to an employee. 3 CBDT has extended the due date of TDS return and Form 16 issue date by the employer. New due date of issuance of Form 16 is 10.07.2019. Consequently, it is expected that ITR Filing due date may also be extended by the CBDT Form-16 is an important TDS certificate, which is issued by your employer providing details of the total income paid to you and taxes deducted on it. It consists of two parts – Part A and Part B. Part-A consists of details of the taxes deducted by your employer during the financial year while Part-B has break-up of gross salary details, i.e. tax- exempt allowances, perquisites, tax-saving deductions and so on. 5 What is Form 16 Form 16 is the TDS certificate that an employer issues to you when TDS is deducted by them. When an employer deducts TDS on salaries, the income tax act requires that a certificate must be issued by the employer, where the details of tax deducted and deposited is certified. Who are eligible for Form 16? Form 16 is your salary TDS certificate. If your income from salary for the financial year is more than the basic exemption limit of Rs 2,50,000 your employer is required by the Income Tax Act to deduct TDS on your salary and deposit it with the government. 6 Form 16 – edownload The tax department has The tax department has made made it mandatory for it mandatory for the the employer to employer to download and download and issue issue Part-B of Form-16 from Part-B of Form-16 from the TRACES portal only. the TRACES portal This has made Part-B of the only. This has made Form-16 standardised across Part-B of the Form-16 all employers. Previously, standardised across all only Part-A of the Form-16 employers. Previously, was standardised across all only Part-A of the employers. Form-16 was standardised across all employers. 7 Income Tax Return Filing in Chennai 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. 8 India’s No.1 Business Consultants 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/ 9 Thank You 10