- By Anushka Vats
- Sun, 28 Jul 2024 03:52 PM (IST)
- Source:JND
In order to file your income tax, you can get help from your CA, who can manage your income and tax properly so that you can get maximum savings. Getting your form filled by CA means that there is no need to pay a penalty and there is no possibility of getting any kind of notice from the department. However, if you have got your return filed by a CA, then your work does not end here, you also need to be cautious about ITR. It is very important that you match the details. If you feel the need to correct any situation, do it immediately.
If you have filled out the ITR form, then it is your responsibility to match the information present in Form 16 and Form 16A. You can download AIS and 26 AS forms. You can check the data of both. After this, it is also important to match the details of the ITR filed by CA with the form Annual Information Statement (AIS) and Tax Credit Statement (26 AS). Check that there is no difference in the details.
If in any case the taxpayer's income and Annual Information Statement details do not match then look for the errors and rectify it.
The Annual Information Statement (AIS) gives information about the income and financial transactions of the taxpayer during the financial year. This includes income from salary, interest from bank deposits, profit from share trading, income from purchase and sale of property, investment in mutual funds. Meanwhile, Tax Credit Statement (26 AS) gives information about the taxpayer's TDS and advance tax.
ALSO READ: Tripura: 23 Bangladeshi Nationals Arrested At Agartala Railway Station, Says Govt Railway Police
The most important question for the taxpayers is the tax regime they need to choose in the end. The simple answer to this question is that a taxpayer can choose the right tax regime for himself according to his convenience. For example, if a taxpayer wants the benefit of deduction of medical expenses, interest on home loan, tuition fees, insurance premium, then he should choose the old regime only.