Monday, June 27, 2022

Income Tax Return filing : clear your doubts

Income Tax Return filing : clear your doubts

 

Income Tax Department has launched a new portal for online filing of Income Tax Returns in 2021. After initial glitches, the system is running smoothly now.

Department has further made available a new transaction history of the assessee named “AIS”. In this section, the financial transaction data available to department regarding the particular assessee for a given financial year is brought before the assessee himself beforehand. The objective is to make the assessee aware of his transactions so that he does not miss any income to be reported in the return.

AIS consists of two parts – Taxpayer Information Summary and Annual Information Statement.

Taxpayer Information Summary is a summary statement of information regarding income , transaction in shares/mutual funds etc.

 

Before filing return of Income, it is always advisable to scrutinize the information available in AIS so that no income stays unreported in the return of income which may entail hefty penalty.

Kindly remember while logging in into Income Tax portal, after putting PAN as User Id , do Click on the checkbox of “Please confirm your secure access message” and put password.

Most of the data in the return form is pre filled. Do check the data and edit if necessary and confirm it only after verifying the accuracy.

Most importantly, check the TDS/TCS data available in the pre filled portion of the return and Part B of AIS. All data regarding TDS/TCS may not be available there. For checking the accurate TDS/TCS data you need to view 26AS form. Previously it was available in a hyperlink available from the tax filing portal but now it is not there. You have to get yourself registered in TRACES portal to view 26AS.

Click here to register in TRACESPortal.

Download form 26AS and edit the TDS information available in the return and proceed.

Click here to file your return online

 

 


No comments :

All the information published in this webpage is submitted by users or free to download on the internet. I make no representations as to accuracy, completeness, currentness, suitability, or validity of any information on this page and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis. All the other pages you visit through the hyper links may have different privacy policies. If anybody feels that his/her data has been illegally put in this webpage, or if you are the rightful owner of any material and want it removed please email me at "shyamali00@gmail.com" and I will remove it immediately on demand. All the other standard disclaimers also apply.

Blog Archive