The deadline for filing income tax returns (ITR) is tomorrow. Salaried individuals whose accounts are not required to be audited must file their ITR by tomorrow, July 31 to avoid any penalty or late fee.
Along with attaching the required documents, taxpayers must also ensure to submit the correct information as per their details in the Annual Infomation Statement (AIS) and Taxpayer Information Summary (TIS).
Any discrepancy in the information submitted in the tax return and details of AIS and TIS may invite a notice from the Income Tax Department.
Launched in 2021, AIS is a comprehensive statement containing all the details of an individual financial transaction in the past year.
It contains information mandated in the Income Tax Act, including interest earned on savings account/fixed deposits, TDS, earnings as dividends, mutual funds or other such investments. Taxpayers can download their AIS for the year by logging into their accounts on the Income Tax Department portal.
AIS is available for download under the “Services” tab on the e-filing portal. On the other hand, TIS is part of the AIS and contains an information summary for a taxpayer aggregated by category.
Each category displays the processed value produced due to information deduplication based on pre-established rules and derived values.
TIS displays details including Information Category, Processed Value and Derived Value. The information is used for prefilling returns wherever required.
Taxpayer Information Summary, like AIS, can be downloaded from the e-filing portal of the Income Tax Department. To access your TIS, click on AIS under the services tab of the I-T portal.
Click “Taxpayer Information Statement” on the next page to download it in a password-protected PDF. To access the TIS, enter the PAN in the lower case along with the birth date in the case of an individual taxpayer.
For non-individual taxpayers, the date of incorporation has to be entered in DDMMYYYY format along with the PAN.
It’s fine if you have already submitted the return or if you are able to do so before the deadline. But what happens if you don’t submit the ITR by the deadline of July 31?
If you miss the July 31 deadline, you still have until December 31, 2022, to file the return. However, there will be a late fee. There will be further financial repercussions as well.
For taxpayers with an annual income up to 5 lakh rupees, there is a 1,000 rupee late fine. The late fee is 5,000 if your annual income is greater than 5 lakh rupees.
However, you won’t be required to pay a late filing penalty if your gross total income is less than the basic exemption amount.
Read here to know: Why And How To File Income Tax return