Income Tax: If you do not know your complete financial transaction details, then you should wait for all the details to be sent by the department. File the return on that basis only.
Income Tax: Nowadays, there has been a lot of awareness about filing Income Tax Return. Many people file their returns themselves sitting at home. If you are also going to file Income Tax Return, then file it before 31 July 2024. Otherwise, filling ITR in a hurry around the last date can cause confusion. Due to which a notice can also come to your house.
When to file return
If you are filing the return before June 15, then also special care has to be taken. Otherwise, the Income Tax Notice can reach your home. After June 15, the Annual Information Statement will be issued. If any difference is found in it and your filled return, then due to this you may receive a notice. All the financial information of the taxpayer is available in AIS.
Take special care of these things before filing income tax return –
If you do not know your complete financial transaction details, then you should wait for all the details sent by the department. File the return on that basis only. Annual Information Statement contains information about all transactions. You have to take special care that there is no difference between the calculation of the Income Tax Department and the calculation done by you.
New features added
Many new features have been added to the Annual Information Statement this time. So that taxpayers do not face any problem in collecting information. AIS contains details of all transactions. Which can have an impact on tax. If taxpayers do wrong reporting through this system, then it gets automatically confirmed.
This will increase transparency among taxpayers. Also, the chances of mistakes in returns will also be reduced. Avoid giving any wrong information in the returns. Also, file the returns before time. So that action by the Income Tax Department can be avoided.
