Are you in the process of filing your income tax return (ITR) and have noticed that certain tax payments, such as advance tax and self-assessment tax, are missing from your Form 26AS? Up until last year, these details were readily available in a taxpayer’s Form 26AS. However, starting from the Assessment Year (AY) 2023-24 (Financial Year (FY) 2022-23), the income tax department has made changes to the reporting of tax-paid information. In this article, we will explore the implications of this change and discuss what you can do if tax paid information is missing in your ITR.
Changes in Reporting Tax-Paid Information
As per chartered accountants, from AY 2023-24 onwards, the income tax department will no longer display details of advance taxes and self-assessment taxes paid by a taxpayer in Form 26AS. Instead, taxpayers will have to refer to their Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) section for this information. This change means that taxpayers filing their ITR will now need to collate information about advance taxes paid in different installments and self-assessment taxes, which can be an added effort for those who file their ITR without professional assistance.
Spotting Missing Tax Paid Information
If you suspect that tax paid information is missing from your AIS or TIS, it is important to first review these statements and ensure that you are correctly spotting the taxes paid. The AIS and TIS should contain information about advance tax, self-assessment tax, refunds, and other tax-related details. In case you are unable to find the necessary information or if there are discrepancies, it is advisable to approach the income tax department in a timely manner to rectify the issue.
Correcting Missing Tax Paid Information
To rectify missing tax paid information in your AIS or TIS, you can submit a data correction request through the income tax department’s website. Simply log in to www.incometax.gov.in and select ‘Annual Information Statement (AIS)‘ under the services column. Follow the instructions provided to submit your correction request. This step is crucial to ensure that your tax records are accurate and reflect the correct tax payments you have made.
Importance of Cross-Checking with Challans
While relying on the details in your AIS or TIS is convenient, it is recommended to cross-check the information with the tax payment challans generated while making tax payments. This is because there have been instances where the AIS missed the record of a particular advance tax or other payment details. By cross-checking with the challans, you can ensure that all your tax payments are accurately accounted for. This is particularly important as any missing tax payments may result in the payment of extra taxes, requiring the filing of a revised ITR to claim a refund.
Manual Filling of Tax Payment Details
Due to the changes in reporting tax-paid information, taxes paid information can no longer be auto-populated from Form 26AS. As a result, Chartered Accountants or individuals filing the ITR will have to manually fill in the details of taxes paid. This manual filling process involves fetching the challans and accurately entering the information related to advance taxes and self-assessment taxes.
Seek Professional Assistance
Given the potential complexities and the need for accurate reporting of tax payments, it is advisable for taxpayers to seek professional assistance when filing their ITR. Chartered Accountants and tax filing assistance companies can provide expert guidance and ensure that all tax payments are accurately accounted for in the ITR. By working with professionals, taxpayers can minimize the chances of errors or omissions in their tax filings.
Conclusion
Filing income tax returns is an important responsibility for every taxpayer. With the recent changes in reporting tax-paid information, it is crucial to be aware of the implications and take necessary steps to ensure accuracy in your ITR. By reviewing your AIS and TIS, cross-checking with tax payment challans, and seeking professional assistance if needed, you can ensure that all tax payments are correctly reported. Remember to make use of the income tax department’s data correction request option if you spot any missing or inaccurate tax paid information in your AIS or TIS. By staying proactive and diligent, you can navigate the changes successfully and fulfill your tax obligations effectively.
Additional Information:
If you require assistance with income tax return filing in Dwarka, you can consider reaching out to Wealth 4India Filing Company at itrkendra.com. They offer online income tax return filing services in Dwarka and can provide the necessary guidance and support throughout the filing process.
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