Every year, banks and other financial institutions have to share details of financial transactions with the Income Tax Department. These details include income from shares, mutual funds, dividends, interest received on savings bank accounts, fixed deposits, public provident fund accounts, credit card bill payments, etc.
New Delhi: The process of filing income tax returns for the financial year 2023-24 has started. The ITR form used while filing ITR has started being available from April 1. In such a situation, people are trying to file their returns as soon as possible. But employed people should wait for a few days to file income tax returns. Let us explain the reason behind this.
File ITR after this date
It would be wise for employed people to file ITR after a few days. This is because their Annual Information Statement (AIS) and Form 26AS are usually fully updated only by May 31. After which it takes 12 to 15 days to get the TDS certificate. Although some data can be updated in AIS and Form 26AS even before May 31, but generally the data of the last quarter of the previous year is updated only by May 31. In such a situation, you should file your ITR only after June 15.
All information has to be given to Income Tax
Actually, every year banks and other financial institutions have to share details of financial transactions with the Income Tax Department. These details include income from shares, mutual funds, dividends, interest received on savings bank account, fixed deposits, public provident fund account, credit card bill payment etc. The Annual Information Statement (AIS) available for taxpayers is updated after providing details by these institutions. In such a situation, if you file an incomplete return, you may have to face a heavy penalty.
What is AIS?
Let us tell you that the Annual Information Statement contains information about the transactions of the taxpayer. It also includes information about both tax and non-tax transactions. For your understanding, let us tell you that AIS will show the total salary income and the tax deducted and deposited on it. Apart from this, the interest received on shaving bank accounts is also updated in AIS. However, no tax is deducted on this interest.
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