- By Aditya Pratap Singh
- Fri, 28 Jun 2024 03:36 PM (IST)
- Source:JND
ITR Filling 2024: If you are planning to file your Income Tax Return by yourself, it is necessary to understand a few things right away. By keeping an eye on these things right away, you can reduce the risk of receiving a notice from the Income Tax Department. We all know how important it is to file ITR as it has a significant role in individual financial management. The filing for the Income tax return for 2024 commenced on April 1 and will last till July 31.
Crosscheck 26AS and AIS
The Income Tax Department is providing your form number 26AS, which includes details on the TDS deducted on various incomes paid to you, such as interest, dividend, salary, and taxes collected at source (TCS) on payments made by you. Additionally, the Income Tax Department has recently started providing you with a detailed Annual Information Statement (AIS).
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What is AIS?
AIS contains data on financial transactions you performed over the whole year, such as property purchase and sale, share and mutual fund transactions, bank FDs, credit card payments, bank account deposits, savings bank interest, and so forth. The presence of this data greatly aids us in accurately filing our ITRs.Thus, crosscheck the details of tax credits given on Form No. 26AS. If you discover any inconsistencies in AIS, you may submit your comments online. It will also assist you in identifying some financial transactions that you may have overlooked while filing your ITR.
Verify Form No. 16/16A
By now, you must have received all of your TDS forms, whether Form No. 16 or Form No. 16A. Verify that your PAN is correctly indicated on Form No. 16 issued to you by your employer. If you have selected the old tax regime, double-check that all of your claimed exempt allowances, such as HRA, and LTA, are correctly indicated as exempt on Form 16. Your chartered accountant will normally only use Form No. 16 while filing your ITR.
If there are any discrepancies in Form No. 16, immediately bring it to the notice of your employer and request for it to be corrected. You may receive a notice from the department regarding the disparity between Form 16 and the filed ITR.
Verify Details
Verify the PAN number, amount of income stated, and TDS amount mentioned on Form No. 16A you get, particularly from the bank, for accuracy in the same manner. Verify various details for accurate income reporting annual account statements from your broker, mutual fund house, and bank to verify that all the transactions reporting the details are being correctly included in the income statement being prepared for filing ITR.
