ITR e-Filing Six things you should Know

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“The only thing that is constant is change”

One must always be updated of the recent changes in their environment. The same holds true for the tax payers too.

Income tax is like an ever-changing ocean of knowledge which one needs to maintain a constant watch on.

Following 6 changes can be noted in the ITR compared to last assessment year:

  1. Now, there is no need to mention date of birth while logging-in to your e-filing account. Earlier you had to mention your date of birth when logging into your account on the e-filing website, but this is not required anymore.

 

  1. ITR related documents are now password free including Form 26AS and ITR-V saving time and effort to type in the credentials every single time.

 

  1. Earlier, the TRACES website asked you the option using which you want to view your Form 26AS, i.e., in PDF, HTML or Text format. Using the PDF version, you could easily download Form 26AS. Now, you are first required to view the same in HTML view and then click on ‘Export as PDF.

 

  1. Now you can choose the method of verification of ITR at the time of providing details. Earlier, the e-filing website did not ask for the verification option until the return was submitted. Even though the e-filing portal asks you to choose the verification method using which you will be verifying the ITR, it will also allow you to change the method at the later stage after submission of your ITR. However, one of the earlier verification methods using a one-time password sent on their registered email ID and mobile number available for returns where gross total income was below Rs 5 lakhs, cannot be seen now on the e-filing portal. E-verification of your income tax return can be completed through any of the following methods:

– Aadhaar OTP

– Bank EVC (Electronic Verification Code)

– Digital Signature

  1. One of the biggest advantages of filing ITR online is that it auto-populates most of the details in the form like your name, address, PAN details and tax details. However, it is seen that at times the TDS details auto-populated in the ITR-1 online is not correctly reflecting the details from the Form26AS. If you do not match the TDS details (which are auto-populated) with the Form 26AS, then you may miss out on the tax-credit available to you.

 

  1. As part of the new requirements, it is mandatory for all taxpayers to review the Annual Information System (AIS) to ensure accurate declaration of income in their Income Tax return. The AIS provides a comprehensive overview, covering all heads of income, information regarding Specified Financial Transactions (SFT), taxes paid (including advance tax and self-assessment tax), and taxes refunded. It is essential to disclose all income details reflected in AIS, as failure to do so may result in receiving notices from the department regarding discrepancies in reported income, regardless of TDS deduction or appearance in Form 26AS.

Therefore, while filing your ITR you must not rely solely on the automatic import of data and must check all the details from Form 26AS & AIS. In case of mismatch, take the TDS figures from the Form 26AS as downloaded from the TRACES website.

Any assistance or guidance needed in relation to Income Tax E-filing or any other matters, please reach out to us at contact@msassociates.pro

 

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