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Make sure to choose the correct ITR form before you file your income tax return. Else, the return would amount to defective return, and you will have to file a revised return.
The Central Board of Direct Taxes (CBDT) has released a new functionality in the Annual Information Statement (AIS)for taxpayers to display the status of the information confirmation process in...
Financial Literacy News: The Income Tax department has found many cases where the rent received doesn't match the House Rent Allowance (HRA) claimed by taxpayers. Because of this, many people have received notices through the 'e-verification' system on the department's compliance portal.
Information about the taxpayer relating to specified financial transactions such as cash deposit/ withdrawal from bank accounts, sale/purchase of immovable property, time deposits, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, buyback of shares, cash payment for goods and services etc.
In most cases, ITR filed before 15 June will get a mismatch notice from the IT department due to incomplete data regarding TDS, statement of financial transactions, TCS, etc.