The deadline for filing Income Tax Return (ITR) for FY 2021-22 or FY 2022-23 is July 31, 2022 and tax experts advise individual taxpayers to file Income Tax Return on time. They said that filing ITR on the given due date will help the taxpayer save late fee up to ₹5,000 as filing ITR after July 31, 2022 will also attract late fee. However, they cautioned taxpayers to ensure correct information in Form 26AS before filing ITR.
Tax experts said that one should not wait for the last date of filing ITR and check the Form 26AS much before the due date and if there is any wrong information, get it corrected before the due date and then file the income tax return.On how to fix an error in Form 26AS, Aarti Raote, Partner, Deloitte India said, “Form 26AS contains details of income streams like salary, interest on fixed deposits, capital gains etc and taxes deducted on them.
income tax return due date extension for ay 2022-23
So the details in form 26AS are done. by extracting data from withholding tax returns filed by various payers. In case of any inadvertent misreporting by any payer, 26AS would reflect incorrect data. The taxpayer should always check the data listed in 26AS and, in case of incorrect reporting, ask the taxpayer to correct the data with the relevant documents. It can be either employer in case of salary income or bank for FD interest or any other payer.
Payers would verify this information and file a corrected tax return.”Sujit Bangar, Founder at Taxbuddy.com, while talking about the most common error that can occur in your Form 26AS said, “Form 26AS details are updated quarterly. While filing ITR, you can claim only those credits which are shown in Form 26AS. As a taxpayer, you should check your 26AS statement regularly. There are various instances of mismatch of data available in Form 26AS. The most common mistake is that you do not have credit available on Form 26 AS.
The first thing you need to do is address your deductible. and TDS statement update application filed and if not already filed, TDS statement filing application as soon as possible.”Sometimes you have paid taxes like advance tax or self assessment tax but the same is not reflected in 26AS. This happens due to many reasons like wrongly entered PAN or AY. Sometimes it happens that the bank is unable to upload the digitized information to the TIN.
To correct this error, you can write to the Assessing Officer for a change in the challan. To verify whether the challan with CIN number is uploaded in TIN, you can use the Challan status inquiry facility available on the TIN website.It has been seen in several cases, items that do not apply to your taxes are listed in 26 AS. In such cases, you should immediately inform your deductor to check whether there is any error in the TDS statement filed by your deductor. You can also write to the Assessing Officer indicating this fact and seek remedial action,” concluded Sujit Bangar of Taxbuddy.com.