The income tax department has opened its portal for individuals to file their taxes for the current assessment year (fiscal 2022-23) and the deadline to do so is 31 July. While it’s a good practice to file income tax returns (ITRs) early, experts have a warning for the early birds: your annual income statement (AIS) could be outdated.
Data pertaining to tax deducted at source (TDS) and the statement of financial transactions (SFT) usually reach the government on 31 May and take 15 or more days to get updated. SFT documents certain high-value transactions carried out in a particular financial year. These include credit card payments, cash deposits other than that in the current account, time deposits, share buybacks, etc., each aggregating to ₹10 lakh or more.
“We have seen that taxpayers who file their returns early often find a mismatch in transactions when the TDS data gets updated at the backend. So, it would help if you do not file your ITR before 15 June," said Karan Batra, founder, Charteredclub.com. AIS displays the date till which your data is updated and it would do well to cross-check this data before filing the ITR. Apart from AIS, salaried individuals must wait for their employers to issue Form16 so that the information can be reconciled with Form 26AS and AIS.
What to look for in AIS
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