ITR Tips: Keep this in mind while filing ITR, never fill ITR without these documents..

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If you are also preparing to file an Income Tax Return (ITR), then you do not need to be in any hurry.


Let us tell you that the process of filing returns for the assessment year 2024-25 has started. The last date to file ITR is 31 March 2024.


The Income Tax Department has also made the process of filing returns much easier. Now taxpayers can easily fill out the Annual Information Statement (AIS) and Taxpayer Information Summary (TDS). The Income Tax Department has simplified the process of filling TDS and AIS.


It is expected that AIS may be released in the first week of May. Many companies have not yet issued Form-16 for their employees.


ITR filing made easy

The Income Tax Department is taking several steps to provide convenience to the taxpayers. The department has simplified the process of filling AIS. After simplifying this process, now users can file returns easily.


However, unless the taxpayer gets AIS and Form 16, he should not file the return. If the taxpayer files the return without these, then there may be a difference in the income and interest figures. Due to this, you may also get a notice from the Income Tax Department.

What is AIS? (What is AIS)

AIS is a kind of form given by the Income Tax Department. It contains details of the taxpayer's earnings and his sources of income.

This means that this form contains information about interest income from a savings account, income from FD, dividends, income from any other securities other than mutual funds, and earnings from abroad, etc.

If understood in simple language, the statement of all financial transactions during the entire financial year is called AIS. TDS is the summary of AIS.

What information is there in Form-16

Form 16 is very important while filing returns. This is a kind of TDS Certificate. This certificate is given by the company to the employee. TDS contains information about the exemptions deducted from the employee's salary and how much was deducted during the entire business year.

What to do first after receiving Form 16

     As the taxpayer receives Form 16, he should first check whether the information given in it is correct or not. If any mistake is found the taxpayer should immediately contact the employer. The employee should file the return only after all the information is correct.

     The employee must cross-check the information given in Form 16. For this, the employee can match Form- 26AS and the Annual Information Statement (AIS) available on the website of the Income Tax Department. The taxpayer should check that the amount of TDS should be the same and there should not be any difference in it.

     The taxpayer should check in Form 16 whether it contains information about allowances etc. being received by him or not. House Rent Allowance (HRA) and Leave Travel Assistance (LTA) are given to the employee by the company.


Check this also

     The taxpayer should check that the PAN number in the form is correct. If the PAN number is wrong then he cannot claim for tax refund.

     Be sure to check all the basic information in Form 16 like name, address, and TAN number of the company, etc.

     If the taxpayer has selected the old tax regime, then he should also check the details of the deduction.

     If the taxpayer has changed jobs during the financial year 2023-24, then he must collect Form 16 from the old company.

     It is very important to check correct income information. If any information related to income or income source is incorrect, then a notice may also come from the Income Tax Department.

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