ITR filing: How to correct error in Annual Information Statement
2 years, 5 months ago

ITR filing: How to correct error in Annual Information Statement

Live Mint  

The last date for filing of income tax return for AY 2022-23 is 31 July. So, taxpayers are advised to check the Annual Information Statement thoroughly as some people have reported discrepancies in the same. What is Annual Information Statement The Annual Information Statement was introduced in November last year. The Income tax department released a much improved Version 2.0 of AIS in March 2022 that covers many more transactions, What do taxpayers have to do if the information in AIS is incorrect? The new AIS can be accessed by clicking on ‘Annual Information Statement ’ under the ‘Services’ tab on the new income tax e-filing portal.

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Attention taxpayers: CBDT issues alerts to taxpayers on mismatch in ITR, information statement
1 week ago

Attention taxpayers: CBDT issues alerts to taxpayers on mismatch in ITR, information statement

India TV News  

The income tax department said it is issuing alerts to taxpayers and non-filers where it has identified mismatch between transactions reported in Annual Information Statement and income disclosed in ITRs for the financial years 2023-24 and 2021-22. The Central Board of Direct Taxes in a statement said it has launched an electronic campaign to assist taxpayers in resolving mismatches between …

ITR E-filing portal glitches: Will Income Tax return deadline be extended beyond July 31?
5 months, 1 week ago

ITR E-filing portal glitches: Will Income Tax return deadline be extended beyond July 31?

Hindustan Times  

The deadline for filing income tax returns in 2024 is set on July 31. The Income Tax Department's website noted, “Over 2.7 crore ITRs have been filed as on 14 July 2024, which is 13% more compared to returns filed during the same period last year. While the milestone of filing of 1 crore of ITRs for AY 2024-25 arrived …

Income Tax Day: Have You Checked AIS App Before ITR Filing? Here's How It May Help You
1 year, 5 months ago

Income Tax Day: Have You Checked AIS App Before ITR Filing? Here's How It May Help You

News 18  

Income Tax Day: In- March this year, the Income Tax Department launched a mobile app, namely, ‘AIS for Taxpayer’ to facilitate taxpayers to view their information as available in the Annual Information Statement / Taxpayer Information Summary. The objectives of AIS are: Displays complete information to the taxpayer with a facility to capture online feedback Promotes voluntary compliance and enable …

ITR filing: What to do when TDS details are not matching in Form 16, 26AS, and AIS?
1 year, 5 months ago

ITR filing: What to do when TDS details are not matching in Form 16, 26AS, and AIS?

Live Mint  

The deadline for filing the Income Tax Return is fast approaching, thus, explaining the vulnerability to making mistakes while rushing through important details about income and its various sources. In case of discrepancies between the TDS and other information found in Form 16, Form 26AS, and the AIS, it is advisable to look at the following necessary steps: Cross-check the …

ITR filing: What is AIS and how to access it? MintGenie explains
1 year, 5 months ago

ITR filing: What is AIS and how to access it? MintGenie explains

Live Mint  

The Income Tax Department provides a comprehensive yearly tax statement known as Form 26AS. The AIS is a detailed document that encompasses information about your financial transactions, which have been reported by various entities, particularly financial institutions, to the tax department throughout the financial year. While Form 26AS focuses on property purchases, high-value investments, and TDS/TCS transactions conducted throughout the …

ITR filing for FY 2022-23: How to correct any mistakes made while filing ITR
1 year, 6 months ago

ITR filing for FY 2022-23: How to correct any mistakes made while filing ITR

India Today  

While filing an income tax return, it is common to make small errors. Section 139 of the Income-Tax Act, 1961 enables taxpayers to correct errors in their original tax returns by filing a revised return. It's important to understand that filing a revised ITR means submitting a new return that includes the necessary corrections under Section 139 of the Income …

ITR filing last date AY 2023-24: Due date for filing income tax returns
1 year, 8 months ago

ITR filing last date AY 2023-24: Due date for filing income tax returns

India Today  

Income Tax Returns must be filed by July 31 for the FY 2022-23. On the other hand, if the tax evaded exceeds Rs 25 lakh the punishment could be 6 months to 7 years", as per the website of the Income Tax Department. WHICH TAX RETURN TO FILE: The Income Tax department has notified seven different forms i.e., ITR 1, …

Income Tax Return Filing AY 2022-23: December 31 Is Last Date For Filing Revised, Belated ITR
2 years ago

Income Tax Return Filing AY 2022-23: December 31 Is Last Date For Filing Revised, Belated ITR

News 18  

Deadline For Revised and Belated ITRs: Now that 2022 is ending and the new year 2023 is going to start in about a week, the window for filing the revised or belated ITR is also going to be closed on December 31. So, if you could not file your income tax return by July 1, 2022, or had filed the …

Income tax filing: How to verify your details on the income tax portal?
2 years, 4 months ago

Income tax filing: How to verify your details on the income tax portal?

Live Mint  

With the income tax return filing season coming to an end soon on July 31, 2022, it makes sense to not postpone filing our returns till the last moment. Though the tax credit statement, Form 26AS, says a lot about earnings from various sources, the Income Tax Department introduced the Annual Information Statement, an extensive document containing information on the …

Income tax return: What Annual Information Statement (AIS) means for taxpayers?
2 years, 11 months ago

Income tax return: What Annual Information Statement (AIS) means for taxpayers?

Live Mint  

ITR filing: The last date for income tax return or ITR filing for AY 2021-22 is 31st December 2021. Speaking on what this Annual Information Statement means for a taxpayer, Mumbai-based tax and investment expert Balwant Jain said, "AIS is nothing but a statement of financial transactions furnished to it by various entities in respect a taxpayer collated by the …

What is Account Information Statement: All you need to know
2 years, 11 months ago

What is Account Information Statement: All you need to know

Hindustan Times  

The Income Tax Department on November 1 launched a new feature known as the Annual Information Statement, which is a detailed statement of all financial transactions carried out by a taxpayer in a financial year. Part B, meanwhile, has comprehensive details such as tax deducted at source, tax collected at source specified financial transactions, payment of taxes, tax demand, refund …

Income tax: What Annual Information Statement (AIS) means for you?
3 years ago

Income tax: What Annual Information Statement (AIS) means for you?

Live Mint  

The Central Board of Direct Taxes recently announced availability of Annual Information Statement to the taxpayer. AIS is nothing but a statement of financial transactions furnished to it by various entities in respect a taxpayer collated by the tax department based on the PAN. 26AS, the AIS has details of all the transaction which are reported by certain entities under …

Annual Information Statement New Format: Check Out Perks, Features, Key Details
3 years, 1 month ago

Annual Information Statement New Format: Check Out Perks, Features, Key Details

News 18  

The Income Tax Department has introduced a new format for the Annual Information Statement of the taxpayers. The AIS available on the I-T portal is categorised under two tabs- Annual Information Statement and Taxpayer Information Summary. While AIS contains comprehensive information of TDS/TCS, Bank interest Mutual funds, foreign remittance and dissidents, TIS gives aggregated value of such information Now, AIS …

What is the new Annual Information Statement launched by the Income Tax Department?
3 years, 1 month ago

What is the new Annual Information Statement launched by the Income Tax Department?

India Today  

The Income Tax Department has initiated the new Annual Information Statement on the online portal which shows the taxpayers a facility that captures online feedback. The facility can be accessed by visiting the online portal link of the Annual Information Statement under the Services tab on the tax e-filing portal, i.e. Here is the list of related information to be …

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