ITR Filing Alert – Advance Tax, Self-assessment tax data missing in Form 26AS and prefilled income tax forms

ITR Filing

ITR Filing: The income tax department had made many advancement in e-filing Income Tax Portal like pre-filled data from the information available against an individual’s permanent account number (PAN) in income tax return forms. However, Advance Tax and Self assesssment tax paid by the taxpayers is still not appearing in the Income Tax Form 26AS and Prefilled data. It will be extremely difficult for taxpayers and CAs to file the ITR smoothly and correctly in the absence of tax paid data on the website.

Tax professionals are racing against time as the income tax return filing deadline is on 31st July 2023 for salaried Individuals and non-audit client. However, some people trying to submit their Income tax returns face difficulties due to some errors in the website for filing income tax returns. If the tax paid does not appear correctly, taxpayers may receive notices from the department. It will increase workload and cause heartburn.

Read Also: ITR filing for FY 2022-23 (AY 2023-24)started in Income tax portal

People are having difficulty filing their returns because the pre-filled data is not being fetched properly, necessitating manual intervention by tax experts.

After FY 2022-23, the details of taxes paid, such as advance tax and self-assessment tax, would appear in Form 26AS against a taxpayer’s PAN. As a result, when filing the Income Tax Return, this amount was auto-populated from Form 26AS as a pre-filling process into the ITR form. However, this pre-filling process feature is missing in AY 2022-23 tax filing ITR forms, which will be a time-consuming task because Chartered accountants or anyone filing the ITR will have to cross-check and retrieve the challans, as well as manually fill in the details of taxes paid. This will be a time-consuming task that will necessitate additional effort in tax filings.

Read Also: AIS shows all of your digital financial transactions to IT department

Form 26AS has been transformed as a ”Annual Information Statement,” which, in addition to TDS/TCS details, must now include comprehensive information relating to specified financial transactions, tax payments, demand/refund, and pending/completed proceedings undertaken by a taxpayer in a particular fiscal year that must be mentioned in income tax returns.

Since Financial Year 2016, the CBDT is receiving information such as cash deposits/withdrawals from saving bank accounts, sale/purchase of immovable property, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, cash payment for goods and services, and so on from “specified persons” such as banks, mutual funds, institutions issuing bonds, and registrars. All such information under various SFTs will now be displayed in the new Form.

Read Also: AIS: Income Tax department App to check high value transactions and TDS

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