Tomorrow is the last date to file Income Tax Return (ITR). Salaried individuals whose accounts are not required to be audited will have to file their ITR by tomorrow, July 31, to avoid any penalty or late fee.
Along with attaching the required documents, taxpayers should also ensure to submit correct information as per their details in Annual Information Statement (AIS) and Taxpayer Information Summary (TIS).
Any discrepancy in the information furnished in the tax return and details of AIS and TIS may invite notice from the Income Tax Department.
Launched in 2021, AIS is a comprehensive description that includes all the details of an individual financial transaction in the previous year.
This includes information mandated in the Income Tax Act, including interest earned on savings account/fixed deposits, TDS, earnings by way of 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’s portal.
The AIS is available for download under the “Services” tab on the e-filing portal. TIS, on the other hand, is part of AIS and includes an information summary for the taxpayer by category.
Each category represents the processed value produced due to duplication of information based on pre-established rules and derived values.
TIS Information displays details including Category, Processed Value and Derived Value. The information is used for filing 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 Services tab of IT Portal.
Click on “Taxpayer Information Details” on the next page to download it in password protected PDF. To use TIS, enter PAN in lower case along with date of birth in case of individual taxpayer.
For non-individual taxpayers, the date of incorporation has to be entered in the format DDMMYYYY along with PAN.
It is okay if you have already submitted the return or if you are able to do so before the deadline. But what if you do not submit ITR by the 31st July deadline?
If you miss the July 31 deadline, you still have time till December 31, 2022 to file your return. However, there will be a late fee. There will be further economic loss.
Rs 1,000 is a late fine for taxpayers with an annual income of up to Rs 5 lakh. If your annual income is more than Rs 5 lakh then the late fee is Rs 5,000.
However, if your gross total income is less than the basic exemption amount, you will not need to pay the penalty for late filing.
Read here to know: Why and how to file income tax return