Earlier this time limit was 24 months. With this step, taxpayers will get more time to correct the mistakes made in their ITR or add information. But what is an updated return, how is it different from revised and belated returns, let us tell you.

Revised Return

If you have already filed your tax return but later it is found to have errors, omissions or incorrect information, you can revise the return within the given time limit. This return can be filed three months before the end of the relevant assessment year. This means that for assessment year 2025-26, the deadline will be December 31, 2025, as the assessment year will end on March 31, 2026.

Let us understand this with an example. Suppose you filed your original income tax return by July 31, 2025, and later realized that you forgot to include interest income in it or forgot to claim deductions, then you can file a revised income tax return by December 31, 2025 to rectify these mistakes.

You will have to pay more tax on filing revised return

Before filing a revised return, the taxpayer must ensure that the original return has been verified. The good thing is that there is no additional fee to be paid for revising the original return. But, if adding interest income while revising your tax return increases the tax liability, then you will have to pay more tax. The good thing is that you can file revised returns as many times as you need.

Belated Returns

For an individual taxpayer, the due date for filing income tax returns for a financial year is July 31 of the following year. That is, the due date for filing income tax returns for the financial year 2024-25 will be July 31, 2025 (which falls in the assessment year 2025-26).

However, those who miss filing returns within this deadline can file a belated return under section 139(4) by December 31 of that assessment year. That is, any return filed after July 31, 2025, but before December 31, 2025 for assessment year 2025-26 will be treated as a belated return.

This much penalty for filing belated return

For filing a belated return, you may have to pay interest and a penalty of one per cent of the unpaid tax till the date of filing. According to section 234F, if the return is filed after the due date, a late filing fee of Rs 5,000 has to be paid. However, the amount of late filing fee will be only Rs 1,000 if the total income of the person does not exceed Rs 5 lakh.

If you voluntarily file your income tax return after the deadline, no late fee will be charged, provided you are not compelled to file the return. For example, under the old tax regime for the financial year 2024-25, individuals with income less than the basic exemption limit – Rs 2.5 lakh (below 60 years), Rs 3 lakh (60-80 years), and Rs 5 lakh (above 80 years) are not required to file income tax returns.

Updated income tax Return

The updated return facility, introduced in 2022, allows taxpayers to voluntarily correct any errors or omissions in the original or belated returns. Finance Minister Nirmala Sitharaman said in her Budget 2025 speech that the initiative promotes transparency and compliance, and its impact is clearly visible. About 90 lakh taxpayers have used this facility to update their income and pay additional taxes.

Note that updated returns can be submitted only after the deadline for filing original, revised or belated returns has expired. According to experts, the purpose of filing updated returns is to declare additional income and thereby pay additional tax. Updated returns cannot be revised once filed.

You cannot file an updated return for certain reasons. For example, you cannot file an updated return to claim a loss or to increase a refund. Also, filing an updated return should not reduce your tax liability. If a taxpayer misses the December 31 deadline, he can file an updated return under section S 139(8A) for a period of two years from the end of the relevant assessment year. This time period of two years has now been increased to four years in Budget 2025.

Additional tax on updated returns

The facility of filing updated returns comes with certain conditions. While availing this facility, you have to pay a certain percentage of the additional tax declared (additional tax on updated returns), which varies depending on the time limit. If you file an updated return within 12 months of the end of the assessment year, you will have to pay 25 per cent additional tax. This percentage increases to 50 per cent if filed within 24 months, 60 per cent within 36 months and 70 per cent within 48 months of the end of the assessment year.

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The post ITR Filing Rules: New rules for updated income tax returns! Know how it is different from revised and belated returns first appeared on Rightsofemployees.com.

Otherwise you will have to face the consequences. Timely filing of returns would be considered good. But if you file income tax return after the deadline, you will have to file belated return. For which also you are given a time limit by the Income Tax Department. But along with this you will also have to pay the penalty.

How much fine will have to be paid?

First of all, if we talk about the fine, then if your income is less than five lakh rupees, then you will have to pay a fine of one thousand rupees. If your income is more than five lakh rupees, then the amount of fine will increase to five thousand rupees. Along with this, you will not get the benefit of many deductions and exemptions.

Due to which your tax burden will increase. That means you will have more loss in this too. Time from 31 July to 31 December is given by the Income Tax Department for filing belated i.e. late returns. If even then you have not filed the income tax return, then ten thousand rupees will be taken from you as a fine. So it is better to file returns before 31st July to avail income tax exemptions and deductions.

Interest will have to be paid along with the fine

If your income is taxed and you are not able to file the return by the deadline, interest will have to be paid at the rate of 1 percent every month until you file the return. If you under-declare your income while filing income tax, you will have to pay a penalty of 50 percent and 200 percent for misrepresenting your income. If you don’t file any income tax even after giving repeated notices, then in such a case there can be imprisonment of three years to seven years.

If the salaried people fail to file the tax return, then they will not get the benefit of the new tax regime. In the new tax regime, income up to Rs 7 lakh was kept tax free. A major disadvantage of filing late return is that even if you are going to get tax refund, you may have to face inconvenience in it. Along with this, the attention of the officials of the Income Tax Department will come towards you. Because of which you can come under investigation or inquiry.

The post ITR Filing Rules: Changed rules! Know what will be the result if ITR is not filed till 31st July? first appeared on Rightsofemployees.com.

The last date for filing income tax return for the financial year 2022-23 is 31 July 2023. If you also want to avoid penalty, then you must file your ITR on time. You can file your return through the official website of the Income Tax Department. However, this time some changes have been made by the department as compared to last year. In such a situation, if you are filing your ITR, then you should know about them. Let us see at a glance about the changes related to the ITR form.

Income from Virtual Digital Assets (VDA)

The Income Tax Act has a provision to tax income from virtual digital assets from April 1, 2022. TDS will be levied under section 194S on transactions related to cryptocurrency. The ITR form for income from VDA has been revised. Taxpayers will have to give information about their income from VDA. This includes date of purchase, date of transfer, cost and sale proceeds.

ARN details for claiming 80G

A person making a donation during the financial year 2022-23 is eligible for deduction under section 80G. From this time onwards, the donor will have to give the ARN number of the donation in the ITR form. This is applicable for donations where 50% deduction is allowed.

TCS and relief under section 89A

Taxpayers can claim Tax Collection at Source (TCS) against their payable income tax. Apart from this, if a taxpayer has claimed relief under section 89A and later he ceases to be a resident, then details of taxable income from that relief will have to be given in the ITR form.

Foreign Institutional Investor (FII) Information

ITR forms for FY 2022-23 will require more information than before, such as balance sheet information for ITR-3 and SEBI registration number for taxpayers registered with SEBI as Foreign Institutional Investors (FIIs). It is necessary to do.

Disclosure on Intraday Trading

The newly introduced ‘Trading Account’ section in the ITR form will require reporting of turnover and income from intraday trading. This time before filing ITR, you must be aware of all the above mentioned things. If any of these is of use to you, then keep it in mind while filing ITR.

The post New ITR Form: 5 major changes in ITR filing rules first appeared on Rightsofemployees.com.

Income from Virtual Digital Assets (VDA)

The Income Tax Act has a provision to tax income from virtual digital assets from April 1, 2022. TDS will be levied under section 194S on transactions related to cryptocurrency. The ITR form for income from VDA has been revised. Taxpayers will have to give information about their income from VDA. This includes date of purchase, date of transfer, cost and sale proceeds.

ARN details for claiming 80G.

A person who donates during the financial year 2022-23 is eligible for deduction under section 80G. From this time onwards, the donor will have to give the ARN number of the donation in the ITR form. This is applicable for donations where 50% deduction is allowed.

TCS and relief under section 89A

taxpayers can claim Tax Collection at Source (TCS) against their payable income tax. Apart from this, if a taxpayer has claimed relief under section 89A and later he ceases to be a resident, then details of taxable income from that relief will have to be given in the ITR form.

Foreign Institutional Investor (FII) information

to be provided in ITR Form for FY 2022-23 more than before, such as balance sheet information for ITR-3 and as Foreign Institutional Investor (FII) with SEBI It is mandatory for registered taxpayers to share SEBI registration number.

Disclosure on intraday trading

The newly introduced ‘Trading Account’ section in the ITR form will require reporting of turnover and income from intraday trading. This time before filing ITR, you must be aware of all the above mentioned things. If any of these is of use to you, then keep it in mind while filing ITR.

The post ITR Form Updates: 5 major changes in ITR filing rules this year, Finance Ministry order first appeared on Rightsofemployees.com.

If you are preparing to file ITR, then we have important information for you . Do you know that it is very much needed while filing ITR . For this in ITR filing under Section 80EEA, you can take the benefit of deduction up to 1.50 lakhs.

Let us try to understand what are its rules and what are the points where you can get benefits under it.

Whether deduction under section 80EEA is available only for the year the property was purchased or till the time we pay the interest? (Is it available during the entire tenure of the loan)

Section 80EEA was introduced in the 2019 budget, with a provision for deduction of up to 1.50 lakhs. In this a person can claim interest on home loan subject to certain conditions, but there is a condition. Actually, this deduction is available to you if your home loan was sanctioned during the period from 1 April 2019 to 31 March 2022 and the condition is that the stamp duty of the house purchased does not exceed Rs 45 lakh.

You should not have any other house either. The loan should have been taken from a bank or housing finance company.

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This clearly means that the deduction is available on the date of sanction of the home loan and not on the date of its repayment. The date of purchase or completion of construction of the house property is also irrelevant.

You can claim this deduction during the construction period, if you had claimed the deduction of interest on home loan under section 24 in the under-construction category. In this case this deduction is available for the entire tenure of the home loan. You can claim it as long as you are repaying the home loan.

The post Tax deductions List: How much income tax exemption is available to home loan borrowers, check full list of deductions first appeared on Rightsofemployees.com.

There is important news for those who pay income tax. Now you are going to get a big advantage. If you also fill your income tax return regularly, and for some reason have not been able to complete your filing, then now information is being given by the department in this regard. The department is sending information to such people telling where their filing is stuck and how much has been filled.

Income tax department is giving big facility

Many times, due to non-availability of necessary documents, or due to non-update, people’s income tax return remains stuck in half and people may forget to file their return. Many times such cases also come to the fore that after the due date is over, people lazily do not file ITR returns. In such a situation, the Income Tax Department is now alerting these people by sending messages.

If you have not verified the ITR, then there is no point in filing your return, that is, your return will be treated as cancelled. You can use Aadhaar OTP or EVC generated through bank account, net banking or demat account to verify ITR. Apart from this, you can also verify it using Digital Signature Certificate (DSC).

The post ITR Filing Rules: Good news for ITR filers, Income Tax Department started a big facility first appeared on Rightsofemployees.com.

There is important news for those who pay income tax. Now you are going to get a big advantage. If you also fill your income tax return regularly, and for some reason have not been able to complete your filing, then now information is being given by the department in this regard. The department is sending information to such people telling where their filing is stuck and how much has been filled.

Income tax department is giving big facility

Many times, due to non-availability of necessary documents, or due to non-update, people’s income tax return remains stuck in half and people may forget to file their return. Many times such cases also come to the fore that after the due date is over, people lazily do not file ITR returns. In such a situation, the Income Tax Department is now alerting these people by sending messages.

It is necessary to fill ITR

Significantly, it is mandatory to fill ITR only for those who come under the purview of income tax. Under this, those whose annual income exceeds Rs 2.5 lakh must file income tax returns. It is necessary to file ITR. Under the Income Tax Act, the exemption limit has been fixed at Rs 3 lakh for senior citizens and Rs 5 lakh for very senior citizens, that is, it becomes mandatory for you to pay tax if you have income above this. Even if your TDS is being deducted somewhere, you still need to pay income tax. It is also necessary to verify ITR after ITR filing.

Verify online

If you have not verified the ITR, then there is no point in filing your return, that is, your return will be treated as cancelled. You can use Aadhaar OTP or EVC generated through bank account, net banking or demat account to verify ITR. Apart from this, you can also verify it using Digital Signature Certificate (DSC).

The post ITR Filing Rules Change : Good news for ITR filers, Income Tax Department started a big facility first appeared on Rightsofemployees.com.

There is important news for those who pay income tax. Now you are going to get a big advantage. If you also fill your income tax return regularly, and for some reason have not been able to complete your filing, then now information is being given by the department in this regard. The department is sending information to such people telling where their filing is stuck and how much has been filled.

Income tax department is giving big facility

Many times, due to non-availability of necessary documents, or due to non-update, people’s income tax return remains stuck in half and people may forget to file their return. Many times such cases also come to the fore that after the due date is over, people lazily do not file ITR returns. In such a situation, the Income Tax Department is now alerting these people by sending messages.

It is necessary to fill ITR

Significantly, it is mandatory to fill ITR only for those who come under the purview of income tax. Under this, those whose annual income exceeds Rs 2.5 lakh must file income tax returns. It is necessary to file ITR. Under the Income Tax Act, the exemption limit has been fixed at Rs 3 lakh for senior citizens and Rs 5 lakh for very senior citizens, that is, it becomes mandatory for you to pay tax if you have income above this. Even if your TDS is being deducted somewhere, you still need to pay income tax. It is also necessary to verify ITR after ITR filing.

Verify online

If you have not verified the ITR, then there is no point in filing your return, that is, your return will be treated as cancelled. You can use Aadhaar OTP or EVC generated through bank account, net banking or demat account to verify ITR. Apart from this, you can also verify it using Digital Signature Certificate (DSC).

The post ITR Filing Rules: Good news for ITR filers, Income Tax Department started a big facility first appeared on Rightsofemployees.com.

There is important news for those who pay income tax. Now you are going to get a big advantage. If you also fill your income tax return regularly, and for some reason have not been able to complete your filing, then now information is being given by the department in this regard. The department is sending information to such people telling where their filing is stuck and how much has been filled.

Income tax department is giving big facility

Many times, due to non-availability of necessary documents, or due to non-update, people’s income tax return remains stuck in half and people may forget to file their return. Many times such cases also come to the fore that after the due date is over, people lazily do not file ITR returns. In such a situation, the Income Tax Department is now alerting these people by sending messages.

It is necessary to fill ITR

Significantly, it is mandatory to fill ITR only for those who come under the purview of income tax. Under this, those whose annual income exceeds Rs 2.5 lakh must file income tax returns. It is necessary to file ITR. Under the Income Tax Act, the exemption limit has been fixed at Rs 3 lakh for senior citizens and Rs 5 lakh for very senior citizens, that is, it becomes mandatory for you to pay tax if you have income above this. Even if your TDS is being deducted somewhere, you still need to pay income tax. It is also necessary to verify ITR after ITR filing.

Verify online

If you have not verified the ITR, then there is no point in filing your return, that is, your return will be treated as cancelled. You can use Aadhaar OTP or EVC generated through bank account, net banking or demat account to verify ITR. Apart from this, you can also verify it using Digital Signature Certificate (DSC).

The post ITR Filing Rules: Good news for ITR filers, Income Tax Department started a big facility first appeared on Rightsofemployees.com.

ITR Filing New updates: There is a very important news regarding income tax return filing. The government has changed the Income Tax Rules from April 21, 2022.To bring more and more people into the tax net, the government has widened the income tax filing window. Now people with different income groups and income will also be required to fill ITR.

In fact, now it has been made mandatory to file ITR for every person whose tax deduction at source (TDS) and tax collection at source (TCS) during a financial year is Rs 25,000 or more.

What is the new rule

According to the new rule, if a person’s income is less than the exemption of Rs 2.5 lakh but the income from TDS and TCS is Rs 25,000 or more, then now he will have to fill ITR. Explain that this new rule will be applicable if TDS or TCS is more than Rs 50,000 in case of senior citizens.

What did CBDT say?

The Central Board of Direct Taxes (CBDT) issued a circular in this regard saying, “These rules may be called the Income-tax (Ninth Amendment) Rules, 2022. They shall come into force from the date of their publication in the Official Gazette.”Through notification number 37/2022, CBDT has notified a new rule 12AB.According to this, it is mandatory to file ITR even if the income of a person is less than the exemption limit.

They will also have to fill ITR

Apart from this, those whose deposits in their savings bank account are Rs 50 lakh or more in the financial year, now they will also have to file income tax return. Along with this, those traders will also be covered under this rule, whose annual turnover is more than Rs 60 lakh and professional receipt is more than Rs 10 lakh. No matter which tax bracket he falls in, filing ITR will be mandatory.

According to a report in Business Standard, government sources have told that this new amendment has been done with the aim of finding out the imbalance in the earning and expenditure of such people. These new rules are effective from 21 April.

The post Big change in ITR filing rules: If TDS/TCS is more than ₹ 25,000 then it will be mandatory to file ITR first appeared on Rightsofemployees.com.

If you are also a tax payer then this news is very important for you. The government has changed the rules for filing tax returns. Actually, the Finance Ministry has increased the scope of income tax filing to bring more people into the tax bracket.

Finance Ministry issued orders

It is worth noting that some time ago the Ministry of Finance issued a notice and informed about this. According to this notification, now people with different income group and income will also have to file income tax return. Under the new rule, now more and more people can be brought under the tax net. These new rules will be considered effective from April 21.

Know what the new rules say?

According to the new rule, if the sales, turnover or income in any business is more than 60 lakhs, then the businessman will have to file a return. Even if the earning of a salaried person is more than Rs 10 lakh per annum, they will still have to file ITR. Income tax return has to be filed even if the amount of TDS and TCS is more than Rs 25,000 in a year. Let us tell you that the limit of TDS + TCS has been kept at Rs 50,000 for taxpayers who are 60 years or more.

Bank deposits will also attract ITR

According to the new notification, if the amount deposited in the bank savings account is 50 lakh or more in 1 year, then such depositors will also have to file their tax return. The new rules will be considered applicable from April 21. The government believes that with the new changes, the scope of income tax filing will increase and more and more people will be able to come in the tax net.

The post ITR Filing Big Rule Changed: Major Changes in ITR Filing Rules! Know the order of the Ministry of Finance! first appeared on Rightsofemployees.com.

The Income Tax (IT) department has recently removed several exemptions from the list of people who are required to mandatorily file their income tax returns. The deadline for filing ITR for the financial year 2021-22 (assessment year 2022-23) is July 31, 2022. In such a situation, income tax payers must check whether they are required to file income tax return or not.

If the income of a resident individual exceeds the exemption limit prescribed for the year, then that person should file ITR.

Under the new system, the exemption limit for ITR filers is Rs 2.5 lakh.

Under the old regime, the exemption limit for those below 60 years is Rs 2.5 lakh; 3 lakh for people between 60 and 80 years (senior citizens); and 5 lakhs for those above the age of 80 years (Super Senior Citizen).

Under the new system, the exemption limit for ITR filers is Rs 2.5 lakh.

Additionally, the IT department has directed that individuals whose total TDS/TCS (tax deducted at source/tax collected at source) exceeds Rs 25,000 in a financial year and Rs 50,000 for senior citizens are also required to file their ITR. the wanted.

This has been changed from the earlier rules, when senior citizens are required to file only ITR. If they have any business income.

Other mandatory filers include individuals who have deposited Rs 50 lakh or more in a savings bank account in a single year.

If the gross income of an individual exceeds the exemption limit before claiming capital gains tax exemption, persons having foreign source of income or having foreign assets, such persons who have made an aggregate of more than Rs 1 lakh in one bill or in the whole year Electricity bills of more than Rs.2 lakh have been paid, and persons who have spent more than Rs.2 lakh for traveling abroad on their own or any other person.

The post ITR Filing Rules: These people will have to compulsorily file Income Tax Return, know what are the rules called? first appeared on Rightsofemployees.com.

The process of filing income tax return for the financial year 2021-22 is in full swing and its last date is also going to end at the end of this month. Meanwhile, the discussion is also arising whether it is also necessary to fill the ITR of the deceased person.

In this regard, Income Tax Expert Balwant Jain says that if the deceased person comes under the tax net, then it will be necessary to fill his ITR. However, for this it is necessary to be the legal heir of the deceased who has been authorized by a court to do this work. Also, it will be necessary to enter the PAN card details of both the deceased and his legal heirs on the e-filing portal. If the PAN of the deceased person is not on the Income Tax portal, then the heir can register his PAN in its place.

Process of Registration on the Portal as Legal Heir –

First of all, go to the e-filing portal of the Income Tax Department and log in with the documents of the legal heir.
On opening the portal, go to Authorized Partners and select Register as Representative and click on Get Started.
After this, click on Create New Request and fill all the required information.
For registration, the death certificate, PAN card of the deceased person, PAN card of the heir, certificate made as heir and copy of the court order in this regard will be uploaded.
After this, we will verify the request by clicking on the Proceed button.
Finally, after pressing the submit request button, your registration will be done, whose information will be received by the Income Tax Department.

What to do Next
Once the registration is complete with all the documents, the e-filing administration of Income Tax will verify it and if the request is approved, then the legal heir will get all the rights related to ITR in place of the deceased. But, if the request is rejected, then the concerned person will be informed by the department along with the reason. After this, if the heirs want, they can take necessary steps on it.

After the completion of the verification and approval, the heir can file the ITR of the deceased person just like a normal taxpayer. This ITR can also be verified in many ways like Aadhaar OTP, Net Banking. Keep in mind that it is necessary to calculate the total income of the deceased person before filing the ITR. It should be from the beginning of the respective financial year till the date of death of the taxpayer. If any income occurs after the death of the taxpayer, then it will be considered as part of the income of the heir and the heir will have to give this information in his income tax return.

Income tax law says that if tax is due on a deceased person, then it will have to be paid by the legal heir . However, it is clear in this that if the heir receives less property than the outstanding tax, then he will be liable to pay tax only as much as the property. For example, if a person has received shares worth Rs 8 lakh from his father as an heir and his father had tax dues of Rs 9.5 lakh, then the heir will have to pay only Rs 8 lakh as tax.

The post ITR Filing New Rules: ITR Filing Rules Is it necessary to file Income Tax Return of a deceased person? Who has the right to file such ITR? first appeared on Rightsofemployees.com.

The season for filing income tax returns has started once again. The deadline for filing Income Tax Return for the Financial Year 2021-22 (FY22) i.e. Assessment Year 2022-23 (AY23) is near. The Income Tax Department is constantly telling people not to wait for the ITR Filing Deadline and file your ITR immediately without delay.

Currently, the deadline for filing ITR is 31 July 2022. There is no guarantee that the deadline will increase. In such a situation, late-late taxpayers can be heavy. From this time, some rules of ITR filing have been changed. It is important to know about these changes before filing ITR, otherwise it is possible that even after filing ITR, you may get a notice from the Income Tax Department.

Keep these documents ready before filing return

The Income Tax Department has recently introduced AIS i.e. Annual Information Statement and TIS i.e. Taxpayer Information Summary. The department has started these to bring transparency in ITR filing and to make things simpler for the taxpayers. The Income Tax Department itself is also saying that before filing the return, keep some documents ready. The documents that the Income Tax Department is talking about include Form 16, bank statement, interest certificate from the bank, statement of home loan, if there is any deduction, its details, statement of profit and loss of demat account, 26AS and Annual Information Statement, if the tax invoice has been filled then its details, if any donation has been given then its details, if there is income from other sources then its details etc.

This is AIS/TIS

Let us first know what is AIS and TIS… In the new AIS form, taxpayers are given the details of all the income earned through different mediums. These include interest earned from savings accounts, income from recurring and fixed deposits, income from dividends, mutual funds, including Income from securities transactions, money received from abroad, etc. are included. To make ITR filing easier, the Income Tax Department has introduced TIS. In this, the taxpayers get a lump sum information about the taxable amount. Earlier the department started it on trial basis, now it has been made compulsory.

ITR filing made easy

Generally people, especially the salaried class, file ITR on the basis of Form-16. However, apart from this, many types of income and even gifts also come under the purview of income tax. This is where AIS and TIS prove to be helpful for taxpayers. In AIS, you get the details of every income from sources other than salary, which have been specified under the Income Tax Act 1961. Meaning it will get information about every income that belongs to the taxable category. In simple words, AIS can be called the detailed statement of all the financial transactions done during any one financial year. TIS is the summary of this.

How to Download AIS/TIS Online in this way…

First of all go to the Income Tax Filing Portal (www.incometax.gov.in).
Now log in to your account with the help of PAN Number, Password.
Go to the Services tab in the top menu.
Select ‘Annual Information Statement (AIS)’ in the dropdown.
A different website will open as soon as you click on Proceed.
Select the option of AIS on the new website.
Now you will get the option to download both AIS and TIS.
You can download AIS and TIS in PDF or JSON format.

The post ITR Filing Rules: Do not file ITR without seeing TIS-AIS, Income Tax Department will send notice first appeared on Rightsofemployees.com.

The government has fixed July 31 as the last date for filing ITR this year. Now the Income Tax Department has changed some rules for ITR filing. It is important to know about these changes, otherwise you may get a notice from the department even after filing ITR.

All earnings details in AIS 

Actually, keeping in mind the convenience of the taxpayers, recently Income Tax The department has launched a new tool Annual Information Statement or AIS (Annual Information Statement- AIS). The Annual Information Statement was launched on November 1, 2021. 

The IT department has started these to bring transparency in ITR filing and to make things simple. This statement provides more information than 26AS. Only high value transactions and TDS are mentioned in Form 26AS whereas AIS contains all the details of savings bank interest, dividend, capital gains and share transactions.

Filing of Income Tax Return with the help of AIS will become easier for the taxpayers. Taxpayers can now get their ITR verified through AIS before filing it and avoid facing the notices of Income Tax Department in future.

How to Download AIS

>> First of all you have to login to ITR filing portal through PAN/Aadhaar and Password.

>> Go to the ‘Services’ section at the top and click on ‘AIS’.

>> After this, click on ‘Proceed’.

>> Now you have to tap on Download. Here you can opt for PDF or JSON.

The post ITR filing rules: Income tax alert all about annual information statement, download AIS first appeared on Rightsofemployees.com.

The Income Tax Department is constantly asking people to file ITR immediately without waiting for the ITR Filing Deadline. This time the deadline for filing ITR is 31 July 2022 and it is not necessary that it should be extended like every time. In such a situation, late-late taxpayers can be heavy. From this time, some rules of ITR filing have been changed. It is important to know about these changes before filing ITR, otherwise it is possible that even after filing ITR, you may get a notice from the Income Tax Department.

Know what is AIS and TIS

The Income Tax Department has recently launched AIS i.e. Annual Information Statement and TIS i.e. Taxpayer Information Summary. The department has started these to bring transparency in ITR filing and to make things simpler for the taxpayers. Let us know what is AIS and TIS… In the new AIS form, taxpayers are given the details of all the earnings from different channels. These include interest earned from savings accounts, income from recurring and fixed deposits, income from dividends, mutual funds, including Income from securities transactions, money received from abroad, etc. are included. To make ITR filing easier, the Income Tax Department has introduced TIS.

This way helpful in ITR filing

Generally people, especially the salaried class, file ITR on the basis of Form-16. However, apart from this, many types of income and even gifts also come under the purview of income tax. This is where AIS and TIS prove to be helpful for taxpayers. In AIS, you get the details of every income from sources other than salary, which have been specified under the Income Tax Act 1961. Meaning it will get information about every income that belongs to the taxable category. In simple words, AIS can be called the detailed statement of all the financial transactions done during any one financial year. TIS is the summary of this.

Let us know how to download AIS/TIS (How to Download AIS/TIS)…

• First of all go to the Income Tax Filing Portal (www.incometax.gov.in).
• Now log in to your account with the help of PAN Number and Password.
• Go to the Services tab in the top menu.
• Select ‘Annual Information Statement (AIS)’ in the dropdown.
• A different website will open as soon as you click on Proceed.
• Select the option of AIS on the new website.
• Now you will get the option to download both AIS and TIS.
• You can download AIS and TIS in PDF or JSON format.

The post ITR Filing Rules: AIS/TIS required for filing ITR, Let us know how to download AIS/TIS first appeared on Rightsofemployees.com.