New Delhi: ITR Filing 2024 deadline concluded on July 31, 2024. However, those who filed their income tax returns ahead of the deadline in June itself based on Form 26AS may be in for a loss. Form 26AS is an account of all transactions and earnings by an individual taxpayer in a financial year. However, it is advised that Form 26AS should not be the sole criteria for ITR filing, according to Neeraj Agarwala, partner at legal firm Nangia and Company.
Form 26AS vs TIS
Taxpayers must first check for any tax query that may have been raised by the Income Tax department on the online tax filing portal. Taxpayers must then cross-check form 26AS with the annual information statement (AIS) as well as the tax information statement )TIS). This will help to determine whether the income details are correctly reflected in their ITR.
Accuracy is important
Check your ITR carefully for any incomplete information. Since Form 26AS was generated earlier, it may not contain complete details related to the income from other sources. This should be checked and verified by the taxpayer while filing their ITR. Raise a dispute or query regarding any information mismatch on the tax filing portal. File a revised ITR up to December 31, 2024, if you find any discrepancies. This will be filed under Section 139(5) of the I-T Act, the Financial Express reported, citing Agarwala.
Late ITR filing penalty
The Income Tax department charges a Rs 5000 penalty for late filing from taxpayers with taxable income of RS 5 lakh and above. However, those whose taxable income is below Rs 5 lakh will have to pay a Rs 1,000 penalty. However, this penalty only applies to income tax returns filed before December 31, 2024. Further, Income Tax department charges an interest for each month of delay at 1 per cent of the total tax payable outstanding.
ITR Filing 2024: Income Tax Return Filing ahead of deadline is a positive approach. However, it is important to ensure accuracy while going for speedy ITR Filing. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
