ITR Filing 2024: Vital checks to ensure accuracy, and smooth filing of income tax returns
Income Tax Department has recently started providing you with an elaborate annual information statement (AIS). The AIS has widely expanded the scope of data available to you. The AIS contains data about various specified financial transactions carried out by you during the year, like property purchase and sale, transactions in shares and mutual funds, bank fixed deposits, credit card payments, amounts deposited in our bank account, saving bank interest, etc.
The availability of these data hugely helps us in filing our ITR correctly.Since the tax department processes the ITR filed by us based on available data, it is strongly advised that you verify the details of tax credits as reflected in form no. 26AS, and information about your specified financial transaction is reflected in AIS. Both these documents can be viewed by logging in to your income tax account on the Income Tax Department website.
If you find any discrepancy in the AIS, you can submit your feedback online.This exercise will help you ensure the maximum possible correctness of the ITR to be filed. It will also help you identify certain financial transactions you would have forgotten to incorporate into your ITR. Details like interest accrued on your bank FD are reflected in your AIS but would not have been included in the ITR due to oversight.
Even if you follow the receipt basis for offering such income, such comparison will help you furnish the details of tax deducted at source in the ITR, which you wish to carry forward to subsequent years. For correctness, you may also verify the volume of transactions regarding shares and mutual funds. In case any tax deducted is not reflected in the 26AS/AIS, the fact needs to be brought to the notice of the deductor
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