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 to file returns is 31 July
The deadline for filing income tax returns (ITR) is usually 31 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 be stuck. Tax experts say that there are many benefits of filing returns before the deadline. Especially, this makes the processing of returns quick and the refund money comes to the taxpayer’s bank account soon.
Return may get rejected due to wrong data
Wrong data in the ITR form may 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 for him 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 websites of the Income Tax Department. 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 wrong data will also go in your ITR form. Due to this, your return can be rejected by the Income Tax Department. This will increase your trouble.
Form 26AS contains these information
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 must have deducted your TDS. Then, it must have been deposited with the Income Tax Department. It also contains information about tax refund. Data of transactions related to your mutual funds will also be included in it.
AIS contains many additional information
Annual Information Statement (AIS) contains all the information that is there 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 there in it. If someone has sent money from abroad to your account, then its details will be included in it. If you have bought or sold shares then its information will be there in it.
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