Any mismatch may lead to questioning from the tax department upon processing of the tax return. One should download these forms from the income-tax portal and reconcile their income reported therein with the income being declared in the income-tax return. AIS and TIS contain details of majority of the incomes earned by taxpayers such as interest income from savings accounts, recurring and fixed deposits, dividend income, salary income, securities transactions etc. These not only facilitate the filing of income-tax returns but also minimize the chances of errors. * Mapping of income with AIS/TIS – Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) are accessible to all taxpayers and have been introduced to enhance transparency in the tax return filing process and to streamline self-filing. Individuals must pay attention to evaluate all their sources of income and report the same accurately under appropriate heads. * Reporting of income from all sources – Individual taxpayers may have income from other sources as well, such as salary/ business/ profession, rental income, bank interest, capital gains, dividend etc. As an example, if you even have very nominal capital gains income, you will not be able to file ITR-1.Īlso Read: Debit Card vs Credit Card: Which is better for frequent use? The common myth that prevails is that ITR-1 is generally applicable which may not be the case always.
Therefore, it is imperative that one goes through the detailed instructions for each form type to determine the form applicable to the individual for the relevant FY. The form type depends on numerous factors such as residential status, quantum, and sources of income during the year etc. * Choosing the correct return form – Selection of the correct return form is the first and foremost important thing to do while filing the tax return.
ITR Due Date Extension AY 2023-24 Latest News (July 17): Will Govt extend Last Date?Ī quick understanding of some of the key aspects (not an exhaustive list) that one should be mindful of will go a long way in making the income-tax return filing process easier:
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