Before furnishing the ITR filing last date the same might assist to check your Annual information statement (AIS) on the tax portal and show any inconsistencies in it.
The government says that they support solving the issues which arise because of misreporting or the system might not have enabled to fully fetch the information.
The new Annual Information Statement (AIS), which was initiated in the former year poses the information on the tax deducted at source, property transaction details dividends, fixed deposits, funds, etc. and additional securities, which were collated via several sources relying on your PAN.
This shall support the assessee with the details that would be available to the government and enable them to furnish the precise returns as some of the information might get overlooked.
The tax counsel would assure that there would be no issues in filing your returns and the same would not be essential that your returns would opt for the investigation as the information of the AIS and the returns do not match.
It takes 90 days to reveal the details, the data would be fixed within the minutes in various cases said the government.”People should raise the issue with the tax department and also approach the reporting agency, wherever possible, but they should go ahead and file their returns, without waiting for the data to be updated,”
The majority of the assessee revealed that the details are in order however there are times in which the whole value of the property sale engaged several owners is mentioned in every owner’s AIS as the property enrolled who shares the information would not pose the share that every person secures. Identical to the joint accounts, the interest income might be shown in the AIS of both the account holders.
The tax officials specified in cases like the property transactions or the joint accounts, the identical would be notified in the remarks section.
The assessee has been provided with 5 options on seeing the details, she could either accept the information or refuse it in the case the information does not relevant to her and might be wrongly shown in her tax account.
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This can relate to some other new person’s Permanent Account Number or can relate to the former year or can be duplicated or concerned to the nonrelevant data.
The council recommended that the assessee can tap on the related box and insert the information in the remarks section.
The council specified that the discrepancies should be shown in the tax system as they would be available in the situation when your case is carried out for investigation.
