ITR Filing 2025: Wrong data in the ITR form can lead to rejection of your return. Therefore, tax experts advise taxpayers to check two documents properly before filing the return. The first document is Form 26AS, while the second document is Annual Information Statement (AIS).
The last date for filing income tax returns is approaching. Tax experts advise not to wait for the last date to file ITR. Filing returns at the last moment increases the chances of making mistakes. Then, all the hard work goes waste. If the taxpayer forgets to mention any income in the return, he may also get a notice from the Income Tax Department.
Deadline for filing returns is 31 July
The deadline for filing Income Tax Return (ITR) is usually 31st July. Returns can be filed even after this date. But, you will have to pay penalty and interest on tax. The biggest disadvantage is that your refund will get stuck. Tax experts say that there are many benefits of filing returns before the deadline. Especially, this speeds up the processing of returns and the refund money reaches the taxpayer’s bank account quickly.
Incorrect data may result in rejection of return
Wrong data in the ITR form can lead to rejection of your return. Therefore, tax experts advise taxpayers to check two documents properly before filing the return. The first document is Form 26AS, while the second document is Annual Information Statement (AIS). Whatever be the source of income of a taxpayer and whatever ITR form he is using, it is important 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’s website. Taxpayers can easily download it. If you file income tax return without checking the information given in both the documents, then if there is wrong data in any document, then your ITR form will also have wrong data. Due to this, your return can be rejected by the Income Tax Department. This will increase your problems.
This information is in Form 26AS
Form 26AS contains information about your high value financial transactions. For example, if you have bought a property and made payment for it, then this transaction will be visible in Form 26AS. Apart from this, information about your TDS and TCS will also be there in it. If you are employed, then your employer would have deducted your TDS. Then, it would have been deposited with the Income Tax Department. It also contains information about tax refund. Data of your transactions related to mutual funds will also be included in it.
AIS contains many additional information
Annual Information Statement (AIS) contains all the information that is in Form 26AS. Apart from this, there is some additional information as well. For example, if you have received interest income from your savings bank account, then its information will be included in it. If you have received dividend from shares, then its information will also be included in it. If someone has sent money to your account from abroad, then its details will be included in it. If you have bought or sold shares, then its information will be in it.
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