or gather all the paperwork if the client is filing the ITR themselves. (Documents such as a savings bank passbook, TDS certificates, LIC receipts, PPF statement, loan statement, mediclaim policy, details of rental income, capital gain statement in the event of LTCG/SGST from shares/MF, advance tax challans, etc.)
A considerably more thorough statement is the Annual Information Statement (AIS). It comprises interest on savings accounts, the buying and selling of securities and real estate, international remittances, interest on deposits, etc.
Both aggregate and transaction-level versions of all the data are provided.
The following factors warrant a very cautious review of the last year's ITR: –
1. When requesting documentation from the client, it is important to clarify with them whose heads of income were reported last year.
2. To take advantage of losses that have been carried over from the previous year to this PY.
Therefore, we should thoroughly review the recent ITR.
When claiming a deduction under Chapter VI A (such as 80C, 80D, 80E...), we must have documentation to substantiate each deduction.
Please check the draft return you created and have a senior/CA evaluate it before sharing it with the client after the aforementioned items have been appropriately written. When your ITR is complete, you may ask the customer to pay their taxes. Once they have, enter the challan information into your ITR and then submit it
Form 26AS is a consolidated yearly tax statement that includes information on self-assessment tax, advance tax paid by the assessee, tax deducted at source, and tax collected at source. This details pertain to a Permanent Account Number alone (PAN).
For people who file income tax returns, the government has also introduced TIS in addition to AIS. Taxpayer Information Summary is known as TIS. The issue of what this is now emerges. And what details will be made available to regular taxpayers in this. What distinguishes it from AIS? Please let us know the responses to these queries. With AIS, you can view a bit more specific information. Additionally, TIS has his summary. For the convenience of the taxpayers, TIS was developed.
Once we have all of the aforementioned papers, we should begin creating ITRs in Excel format or by immediately drafting them into any income tax software.
When the information we have is inconsistent with 26AS/AIS/TIS, In this case we should take the highest of the all. If the discrepancy between the amount on our papers and the amount on 26AS/AIS/TIS is greater, ask your deductor to make the necessary corrections.
The TAN of the TDS detector must be double verified to ensure accuracy; if there is a mistake in the TAN Digit, CPC will be notified and may issue a notice or notification under Section 143, which might result in a demand being made or a delayed refund.
All of the factors mentioned above are only common pointers that assist us in filing ITRs without error, and we have published them only for the sake of knowledge exchange.
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