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#FF11 Important News on Income Tax Filing

1. Track Correction Requests in your AIS:

The Income Tax Department has improved the Annual Information Statement (AIS) to show the status of your correction requests. Previously, after reporting an error in your AIS, there was no way to know if the source (like your bank) took any action. Now, you can see if they’ve accepted, partially accepted, rejected, or haven’t yet reviewed your request.
The Annual Information Statement (AIS) is available to all registered income tax payers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in)

2. Mandatory Scrutiny of ITR:

The Income Tax Department selects specific ITRs for a closer look (scrutiny) based on pre-defined criteria. Here are two cases where your ITR might be chosen:
No ITR filed after notice: If you haven’t filed an ITR in response to a notice under section 142(1) asking you to do so.
Survey reveals tax evasion: Information obtained during a survey under section 133A (except those under section 133A(2A)) suggests you might be evading taxes.
Here is a video to help you file your ITR accurately. https://lnkd.in/gzVup2Yi

Here are some useful links:
Register : https://lnkd.in/dtpTvaA
File ITR: https://lnkd.in/dtEpkrw6
Income Tax Calculator: https://lnkd.in/gd-UrtuB
View e-Filed Returns: https://lnkd.in/gUZyj_Xn
Track Refund Status: https://lnkd.in/gUKrFAhC
Check Challan Status: https://lnkd.in/gWczSpDb
Apply for instant e-PAN: https://lnkd.in/er6M4UV2
Link Aadhaar: https://lnkd.in/ed3ibPn

Stay informed, Stay tuned! Every Friday hashtag#financialfridays11

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