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Filing ITR (Income Tax Return)? How to verify and submit correct income details, Read


Filing ITR (Income Tax Return)? How to verify and submit correct income details, Read

How to track income before filing the tax return

Tomorrow is the last date to file the income tax return (ITR). Employees whose accounts are not required to be audited must file their ITRs by tomorrow, July 31, to avoid any penalties or late fees.

In addition to attaching the required documents, taxpayers should also ensure that they provide correct information in accordance with their details in the Annual Information Statement (AIS) and the Taxpayer Information Summary (TIS).

Any discrepancy between the information provided in the tax declaration and the AIS and TIS statements may be the subject of an opinion by the income tax service.

Launched in 2021, AIS is a comprehensive statement that includes all the details of personal financial transactions from the previous year.

This includes information required by the Income Tax Act, including savings accounts/fixed deposits, TDS, income in the form of dividends, interest earned on mutual funds or any other investment . Taxpayers can download their AIS for the year by logging into their accounts on the Income Tax Department portal.

“service”

Available for download on the AIS e-filing portal under the tab. TIS, on the other hand, is part of the AIS and contains summary information for taxpayers aggregated by category.

Each category reflects the processed value resulting from the reduction of information according to pre-established rules and derived values.

TIS information displays details including category, processed value, and derived value. Whenever necessary, information is used to pre-populate it.

The Summary of Taxpayer Information, such as the AIS, can be downloaded from the Income Tax Service’s e-filing portal. To access your TIS, click on AIS under the Services tab of the IT portal.

Click “Taxpayer Information Details” on the next page to download it as a password protected PDF. To use TIS, enter PAN in lowercase with the date of birth in the case of an individual taxpayer.

For non-individual taxpayers, the accession date must be entered in DDMMYYYY format with PAN.

With the deadline tomorrow, please note that there will be penalties and other consequences if you file your tax return by then.

This is fine if you have already filed the return or if you are able to do so before the due date. But what if you don’t file an RTI by the July 31 deadline?

If you miss the July 31 deadline, you have until December 31, 2022 to file your return. However, there will be late fees. The economic loss will also be greater.

There is a late penalty of Rs 1000 for taxpayers whose annual income does not exceed Rs 5 lakh. If your annual income is more than Rs 5 lakh, the late fee is Rs 5000.

However, if your total gross income is less than the basic exemption amount, you will not have to pay a late-filing penalty.

The government refused to extend the deadline despite repeated requests from taxpayers.

Read here to find out: Why and how to file a tax return.

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