ITR filing deadline 2024: Less than a month from now, on July 31, 2024, is when people must file their Income Tax Returns (ITR). In order to prepare for filing, it is crucial to gather and arrange relevant papers, such as bank statements, prior tax returns, and wage or income records.
Knowing about any credits or deductions you may be eligible for may help you file your taxes with a lower total tax obligation. Deductions for charity donations, educational costs, medical costs, and other expenses may fall under this category. To optimize your tax savings, do some prior research and educate yourself on your alternatives.
When paying taxes, it can also be helpful to keep up with tax rules and regulations. Since tax laws are always changing, staying up to speed on any adjustments or amendments can help you make sure that your filings are correct and compliant with the latest rules.
The Annual Information Statement is one of the most important papers you need to prepare your income tax return (AIS). A taxpayer's financial facts, as reported on Form 26AS, are comprehensively summarized in the Annual Information Statement (AIS). The AIS includes data on interest, dividends, stock market activity, mutual fund transactions, and Tax Deducted at Source (TDS) and Tax Collected at Source (TCS).
When paying taxes, it can also be helpful to keep up with tax rules and regulations. Since tax laws are always changing, staying up to speed on any adjustments or amendments can help you make sure that your filings are correct and compliant with the latest rules.
The Annual Information Statement is one of the most important papers you need to prepare your income tax return (AIS). A taxpayer's financial facts, as reported on Form 26AS, are comprehensively summarized in the Annual Information Statement (AIS). The AIS includes data on interest, dividends, stock market activity, mutual fund transactions, and Tax Deducted at Source (TDS) and Tax Collected at Source (TCS).
Form 26AS is expanded upon by the AIS. It provides a more comprehensive and extensive summary of your numerous financial activities, payments, and tax deductions.
This include data on things like tax refunds received, interest or dividends from savings accounts, rental income received, specifics of the buying and selling of stocks and real estate, and overseas remittances, among other things. The Annual Information Statement and Form 26AS are available for download by taxpayers via the incometax.gov.in site. Prior to beginning the procedure, register using your PAN as the user ID.
Components of Form 26AS
Form 26AS is divided into several sections. For example, taxes are deducted on both the Tax Deducted at Source and Tax Collected at Source sections.
Part A: Tax Deducted at Source (TDS)
This displays an overview of all TDS withheld from your income by different deductors (banks, employers, etc.). It contains information on the deductor, including their name, TAN, total amount credited or paid, date of credit or payment, amount of TDS, and the section from which TDS was deducted. There are further subsections in this containing details on TDS on income for which Form 15G/15H has been filed to request an exemption from TDS.
The specifics of the TDS withheld from the sale of real estate are also displayed in one section.
Source-Collected Tax
The tax collected at source on transactions such as sales of products is described in Part B.
Tax withheld not from TDS or TCS
Shows details regarding the taxpayer's advance tax and self-assessment tax payments.
Specifications of SFT Exchanges
Includes details on specific financial transactions (SFT) that financia institutions are required to record. Examples of these transactions include cash deposits and real estate acquisitions.
Information Regarding Tax Withheld Upon Sale of Real Estate
Displays TDS information related to real estate sales.
TDS Defaults (Statement Processing)
Indicates any TDS payment failures.
How to verify data on Form 26AS and AIS
> Taxpayers are required to confirm the accuracy of their personal information before examining the Annual Information Statement (AIS) for Income Tax Return (ITR) submission.
They should next carefully compare the income information shown in the AIS with their own records. To guarantee thorough reporting of all revenue sources, this covers capital gains, dividends, interest income, and salary income. To ensure that all tax deductions are correctly accounted for, it is equally important to reconcile the Tax Deducted at Source (TDS)/Tax Collected at Source (TCS) credits stated in the AIS with Form 26AS and any pertinent TDS certifications. The Statement of Financial Transactions (SFT) should be carefully examined by taxpayers to make sure that all high-value transactions have been appropriately recorded and to rule out any possible inconsistencies with their financial records.
It is also critical for them to verify the specifics of advance tax payments, self-assessment taxes, and any other tax-related payments made during the year. This should be accompanied by a comprehensive reconciliation of any pending tax requests or refunds made against their personal records.
Taxpayers may encounter issues such as income reporting inaccuracies, TDS credit omissions, and improper SFT reporting. It is critical to address revenue differences before reporting ITR. Taxpayers verify that their PAN is correctly stated on TDS certificates for missing credits. If you see any high-value transactions that were incorrectly reported, contact your banking institution.
How do I submit comments in AIS?
Taxpayers can submit comments both online and offline. Online feedback is only welcome in the AIS part of the compliance site. Go to the AIS tab to view elements such as TDS/TCS, SFT information, tax payments, demand/refund, and more. To submit feedback, choose 'Optional' and then the feedback type. The bracket has updated information. The updated value will be utilized to update the derived value in the Taxpayer Information Summary. The resulting value is then used to pre-fill the taxpayer's ITR form.
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