Essential Guide: Filing Tax Returns 2023-24

It’s nearing July 31st, the deadline for filing income tax returns for the fiscal year 2023-24 (assessment year 2024-25). If you’re a salaried taxpayer awaiting your Form-16, you can kickstart the filing process by organizing essential documents like Form 26AS, Annual Information Statement (AIS), capital gain, and bank statements.

Why checking Form 26AS and AIS is crucial:

Form 26AS and AIS can be downloaded from the Income Tax portal (incometax.gov.in). If you haven’t registered yet, do so with your PAN.

Form 26AS provides details of property purchases, high-value financial transactions, tax deducted at source (TDS), and tax collected at source (TCS) by deductors like employers and banks.

AIS extends Form 26AS, offering a comprehensive view of taxes deducted and paid, along with other financial transactions like tax refunds, interest earned, rent received, etc.

Keep an eye on specified financial transactions:

Reconcile high-value financial transactions in Form 26AS with your records. For instance, cash deposits over Rs 10 lakh or property purchases exceeding Rs 30 lakh.

Flag mismatches, resolve discrepancies:

Compare Form-16, income statements, and bank interest certificates to detect discrepancies in Form 26AS and AIS. Resolve errors promptly to avoid tax notices.

Resolve Form 26AS mismatches:

Rectify errors through your tax deductor or collector. Start early to allow time for reconciliation and rectification.

Use AIS for quick dispute resolution:

Access AIS on the income tax e-filing portal to provide feedback on errors. Raise disputes online for prompt resolution.

Ensure alignment of income details:

If Form-16, bank statements, Form 26AS, and AIS match, your path to error-free ITR filing is smoother.