ITR Filling Process

While filing ITR, no details of the link of Aadhaar card and PAN card are asked from the taxpayers. Also, the ITR e-filing portal cannot stop you from filing income tax returns. Apart from this, such people who file ITR do not have to follow any separate process. That is, people whose PAN card is not linked to Aadhaar card can fill ITR like others.

If you are going to file ITR, then keep in mind that after filing income tax return, it has to be verified within 30 days. The person who doesn’t do this. His ITR is treated as cancelled. In such a situation, now the question is arising that how to file ITR again. Because Aadhaar OTP is required during verification. Explain, such taxpayers can send the signed copy of their ITR to CPC Bengaluru. Or you can generate EVC through net banking or ATM.

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Income Tax Return Form of ITR-2 is available for filing through online mode with prefilled data on the portal as per the Income Tax website. The Income Tax Department has released the ITR-2 offline form on 17 May 2023 for filing Income Tax Return (ITR) for the financial year 2022-23 (AY 2023-24).

Unlike online, offline i.e. in case of Excel utility, taxpayers have to download the form, fill in the required information and then upload it to the website for electronic filing. In case of online ITR form, all taxpayers have to do is to verify the prefilled information with their documents. In addition, this data has to be verified from Form 26AS as well as Annual Information Statement (AIS).

ITR filing deadline July 31

The Central Board of Direct Taxes (CBDT) had announced the ITR form in February this year. Income tax return for the financial year 2022-23 (AY 2023-24) is now being submitted. For salaried taxpayers and whose accounts are not required to be audited, the deadline for filing ITR is 31 July 2023.

Who is eligible to file ITR-2 form? (Who is eligible to file ITR-2)

• The ITR-2 form is used to report salary income, income from other sources, house property income (more than one) and capital gains.
• ITR-2 can be used by both tax residents (both ordinary and normal) and NRIs. If the taxable income is more than Rs.50 lakhs, then ITR 2 needs to be filed instead of ITR 1, even if the condition of filing ITR 1 is satisfied.
• Holders of unlisted shares or directors of a company are required to file ITR 2 even if all the conditions for filing ITR 1 are satisfied.
• If a person has any foreign assets, then also ITR 2 has to be filed instead of ITR 1.

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The Finance Ministry says that taxpayers should check their AIS every quarter. This will help them to know about any error in AIS. Then, it can be fixed.

What is AIS?

AIS contains more information than Form 26AS. Form 26AS contains details of property purchases, high value investments and TDS/TCS transactions in a financial year. AIS also contains many additional information including savings account interest, dividends, rent income, transactions related to the purchase and sale of securities, money received from abroad, GST turnover.

When was AIS launched?

The Income Tax Department had launched the facility of AIS on its website in November last year. Its purpose is to inform taxpayers about all types of transactions related to it in a financial year. If you check it every quarter, then you will get information about any wrong deduction or transaction. Then, you can start the process to get it fixed.

What has the Finance Ministry said?

Kamlesh Varshney, Joint Secretary in the Finance Ministry, in a program on Monday advised taxpayers to check their AIS every quarter. He said, “You should check your AIS not only at the time of return filing but every quarter. With this, any discrepancy found can be reported. This can help to nab any person who has taken any kind of benefit wrongly. Is.”

What is the impact of AIS?

He said that due to AIS, many people have started following the rules related to income tax. The reason for this is that through this, the assessee gets all the information about the financial transactions related to it while filing the income tax return. He gave an example and explained how tax compliance is increasing due to this.

He said that if an employee submits a fake declaration to his employee to claim HRA deduction, he can be caught. The reason for this is that its declaration will also be available on the AIS of the person in whose bank account the rent money has been credited. That’s why he advised the taxpayers to check the AIIS every quarter.

How to check AIS?

To check the AIS, the taxpayer needs to login to the Income Tax website. Then the Annual Information Statement will appear in the ‘Services’ tab on the e-filing portal. You have to click on this. Then you have to select the relevant financial year to view AIS.

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