Below are common pointers to file Error free ITR
1. Obtain all the information/Documents related to Income tax from client or arrange all the documents in case Filing ITR himself. (Documents Like: Saving Bank Passbook, TDS Certificates, LIC Receipts, PPF Statement, Loan Statement, Mediclaim Policy, Details of Rental Income, Statement of Capital gain Incase of LTCG/SGST from shares/MF, Advance tax challans)
2.Download 26AS From Income Tax Portal.(Login>EFile>Income Tax Return>View Form 26AS>Confrim>Click on Checkbox>Proceed>Click tax Credit>Select FY>Viewas HTML>View>Export as PDF.
Form 26AS is a consolidated annual tax statement that shows the details of tax deducted at source, tax collected at source, advance tax paid by the assessee along with self-assessment tax. This information is specific to a Permanent Account Number (PAN).
3.Download Annual Information Statement(AIS) From Income Tax Portal.(Login>Service> Annual Information Statement(AIS)>Proceed>AIS>Clieck on AERO button)
Annual Information Statement(AIS) is a much more detailed statement. It includes savings account interest, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, etc. All the information is available in aggregate form as well as individual transaction wise.
4.Download Tax payers Information Summery (TIS) From Income Tax Portal.(Login>Service> Annual Information Statement(AIS)>Proceed>AIS>Clieck on AERO button)
The government has also introduced TIS along with AIS for those filing income tax returns. TIS means Taxpayer Information Summary. Now the question arises that what is this tis. And what information will be given to the common taxpayer in this. How is it different from AIS? Let us know the answers to all these questions. You will get to see a little more detail in AIS. And you can see his summary in TIS. TIS has been created for the convenience of the taxpayers.
5. Obtain Last Year ITR
Last year ITR need be check very carefully for below mentioned reasons: –
1. To check the which heads of income has been filed last year, same should be discussed with Client while asking documents from them.
2. To avail the benefit of Losses which has been carry forwarded from Last year to this PY.
3. Sometime we carry forward the TDS as will
So we should check last ITR carefully.
Practical Issues
After getting all the above documents we should start preparing ITR in the excel format or it can be draft directly to any Income tax Software (like Compuoffice, webtax)
> Sometime we found that the details are available with us are not matching with 26AS/AIS/TIS, In this case we should take the highest of the all if amount is minimum.
> If difference of amount as per documents available with us V/s amount as per 26AS/AIS/TIS is higher then ask from your Deductor to correct this.
What if There is difference between 26AS VS AIS/TIS?
> If amount of Difference is minimal: I would Suggest to consider the highest of the 26AS/TIS/AIS to avoid the Notices from CPC later on.
> If amount of Difference is Quite High: I would Suggest to consider as per 26AS, and data provided in AIS/TIS we can write to income tax department that Data reflected in AIS/TIS is not matching.
While availing deduction under Chapter Vi a (Like 80C,80D,80E…) we should have supporting of all the deductions.
TAN of the TDS detector must be crossed checked twice, so that there will no any mistake, if there is any mistake in TAN Digit there will be Mismatch from CPC and Notice/Intimation u/s 143 may be sent and they may raise demand or your refund will be late.
Once the above things has been properly drafted, please go through the Draft return prepared by you and get it review from Senior/CA then share with client.
Once your ITR is final you can ask client to make payment of taxes and after making payment of tax, put the challan details into ITR then file the ITR.
We have shared the above point just for knowledge sharing, the above all the points are just a normal pointers which helps us to file error free ITR.
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