ITR Tips: If you do not pay attention to these things while filing ITR, you may receive an income tax notice..

Awareness about filing Income Tax Return has increased a lot among the people. The level of awareness is such that people have started filing their Income Tax returns from now onwards. It is a good thing that the Income Tax Return should be filed before the last date of 31st July. But, in the hurry to file ITR very soon, you may inadvertently make some mistakes. This can later increase your tension in the form of an Income Tax notice.

Wait till 15th June
According to Direct Tax Expert CA Balwant Jain, if you have filed the return before 15th June, then you may also get a notice. This notice will come if any mistake is seen between your filed return and the Annual Information Statement (AIS) issued by the department after 15th June. Therefore, it is better to wait a little before getting the notice. Jain says that first, you should submit all your documents. Crosscheck the details of all kinds of financial transactions done by you in AIS with your documents.

Keep these things in mind
According to CA Rajesh Vyas, while filing an income tax return, keep in mind what are the details of your specified financial transaction. If you do not remember, then be patient, because the department itself will release all your details in AIS. It is very important to keep in mind that there should not be a difference between your calculation and the calculation of the Income Tax Department.

New feature added to AIS

The Income Tax Department said on Monday that it has added some new features to the Annual Information Statement (AIS). Through this, taxpayers will be able to see the status of the process of confirmation of information. AIS is prepared based on financial data obtained from many information sources. It provides details of a large number of financial transactions of taxpayers, which may have tax-related implications. Taxpayers have been given the facility to give feedback on every transaction appearing in the AIS system. In case of incorrect reporting, it is automatically taken to the source for confirmation. CBDT said in a statement that this new system is expected to increase transparency for taxpayers.

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