Meenakshi Bharathi is concerned that the self-assessment tax paid for the current assessment year is not reflected in AIS. They are seeking advice on whether to provide feedback to get it corrected before the deadline to file on 31st July, or if there’s a provision to manually enter it while e-filing, or if they should file now to avoid a penalty and refile after the correction. Meenakshi has been filing online for several years and is in a fix, waiting for an early response ?
Given that the deadline for filing income tax returns is approaching, here’s the most practical advice:
- File Now and Revise Later:
- The safest course of action is to file your return before July 31st based on the information currently available in your AIS. This will help you avoid the late filing penalty.
- Once your self-assessment tax payment reflects in the AIS (or gets corrected through feedback), you can file a revised return to include the correct information.
- Feedback in AIS:
- While you are filing your return, simultaneously provide feedback within the AIS portal about the missing tax payment. This will notify the Income Tax Department and initiate the correction process.
- Manual Entry (Not Recommended):
- Even though you can technically enter the tax payment details manually, it’s not recommended. It can lead to discrepancies if the AIS gets updated later with different information.
Reasons for Choosing this Approach:
- Avoid Late Filing Penalty: Filing before the deadline is crucial to avoid penalties, which can be a percentage of your tax due.
- Revised Returns are Common: Filing a revised return is a standard procedure and does not have any negative implications.
- Accuracy: Relying on AIS data ensures accuracy and reduces the chances of errors in your tax return.
Additional Tips:
- Keep Proof of Payment: Ensure you have a copy of the challan for your self-assessment tax payment. This will be helpful when you provide feedback in the AIS or if any discrepancies arise later.
- Consult a Professional: If you’re unsure about any aspect of this process, it’s always a good idea to consult a tax professional (Chartered Accountant) for personalized advice.
I hope this helps!