Income Tax Return filing : clear your doubts

 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.

· Annual Information Statement has two parts. Part A consists of General Information of the assessee like Name, Address, Fathers’ name etc. whereas Part B is full of information like

• TDS/TCS Information
• SFT Information
• Payment of Taxes
• Demand and Refund
• Other Information

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.

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