Get Ready to File Your Income Tax Returns
As the deadline for filing income tax returns for the financial year 2023-24 (assessment year 2024-25) approaches on July 31, it’s essential for salaried taxpayers to prepare for the process, especially if you haven’t received your Form-16 yet. Here are some crucial steps to consider:
- Organize Your Documents
- Ensure you have all the necessary documents in order, including your Form 26AS (tax credit statement), Annual Information Statement (AIS), capital gain statements, and bank statements.
- Check Form 26AS and AIS
- Both Form 26AS and AIS can be obtained from the Income Tax portal (incometax.gov.in) using your PAN as the user ID. These statements provide details of various financial transactions, tax deductions, and other vital information that will aid in the tax filing process.
- Monitor Specified Financial Transactions
- Pay particular attention to high-value financial transactions, such as cash deposits over Rs 10 lakh or property purchases exceeding Rs 30 lakh, as these details must align with the information in Form 26AS.
- Address Discrepancies
- Carefully compare the information from Form-16, income statements, and bank interest certificates with that in Form 26AS and AIS. Rectify any discrepancies as these could lead to queries or notices from the income-tax department.
- Resolve Form 26AS Mismatches
- If you encounter discrepancies in Form 26AS, you’ll need to approach your tax deductor (e.g., employer or bank) to rectify the errors. As this process may take time, it’s advisable to start early.
- Utilize AIS for Grievance Redressal
- The AIS provides a grievance redressal mechanism, allowing you to raise concerns and provide feedback on any errors found. This can be done through the income tax e-filing portal.
By carefully reviewing and reconciling these documents, you can ensure a smoother and error-free process when filing your income tax returns.