The last date for filing income tax returns is approaching. Tax experts recommend not waiting for the last date to file ITR. At the last minute, the possibility of mistake in buying returns increases. Then, all the hard work becomes useless. If you forget to tell about an income in the taxpayer return, then he can also get a notice of the Income Tax Department.
Deadline to file returns 31 July
The deadline for filing income tax returns (ITR) is usually 31 July. Returns can be filed even after this date. However, you have to pay interest on penalty and tax. The biggest disadvantage is that your refund will be stuck. Tax experts say that there are many benefits of filing returns before the deadline. Especially from this, the process of returns is made soon and the refund money comes to the taxpayer’s bank account soon.
Return may be rejected due to wrong data
In the ITR form, wrong data may reject your return. Therefore, before filing tax experts returns, taxpayers advise to check two documents properly. The first document is Form 26AS, while the second document is an annual information statement (AIS). Whatever the source of income of a taxpayer and whatever ITR form it is using, it is necessary to check the data given in both these documents properly.
Form 26AS and AIS available on Income Tax website
Both these documents are available on the Income Tax Department websites. Taxpayers can easily download it. If you file income tax returns without checking the information given in both the documents, then you will get wrong data in ITR form if there is wrong data in a document. With this, your return income tax department can reject. This will increase your trouble.
This information is done in Form 26AS
Form 26AS contains information about financial transactions of your more value. For example, if you have bought a property and have paid it, then this transaction will be seen in Form 26AS. Apart from this, information about your TDS and TCS will also be there. If you do a job, your employer will cut your TDS. Then, he must have deposited it with the Income Tax Department. It also contains information about tax refund. The data of transactions related to your mutual funds will also be shamly in it.
There are many additional information in AIS
Annual Information statement (AIS) contains all the information that is in Form 26AS. Apart from this, there are some additional information. For example, if you have interest income from your savings bank account, then it will include its information. If you have got dividend from shares, then it will also be known in it. If someone has sent money from abroad to your account, then its details will be included in it. If you buy or sell shares, it will be known in it.