Income Tax: If you have also done this mistake to save income tax, then a letter is coming, check your return immediately.

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income tax: The Income Tax Department said that it has sent advisory information to some taxpayers whose details given in their Income Tax Returns (ITR) are not matching with the information received from the reporting unit. The Income Tax Department said in a post on social media platform The department said that this is not a notice sent to all taxpayers. This is an advisory sent only in cases where there is a clear mismatch between the information given in the ITR and the information received from the reporting entity.

Last date for filing ITR is 31 December

Reporting entities providing information about financial transactions include foreign exchange dealers, banks, NBFCs, sub-registrars, post offices, bond/debenture issuers, mutual fund trustees, companies paying dividends or buying back shares. The Income Tax Department has issued this communication after comments were received on social media regarding the department informing about TDS and TCS deductions not matching with ITR information. The purpose of this communication is to facilitate taxpayers to provide feedback on the portal of the Income Tax Department. Apart from this, its purpose is also to provide an opportunity to amend the already filed return or file a new return, if necessary. The last date for late submission or amendment of return for assessment year 2023-24 is December 31, 2023. Along with this, the Income Tax Department has requested the taxpayers to respond to this communication on priority basis.

Department issued form one and four

The Income Tax Department has notified Income Tax Return Forms 1 and 4 for the assessment year 2024-25. This form is filled by individuals and entities with total annual income up to Rs 50 lakh. This will allow individuals, other than Hindu Undivided Families (HUFs), companies with income up to Rs 50 lakh and people earning income from business and profession in the current financial year (April 2023-March 2024) to apply for income earned in this financial year. Can start filing returns. Generally, ITR forms for the financial year are notified in late March or early April. But last year, the forms were notified in February. However, this year ITR forms have been notified in December itself to facilitate taxpayers to file returns early. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simple forms. The Income Tax Department notified the forms on Friday. Sahaj can be filed by resident individuals with income up to Rs 50 lakh and income from salary, owning a house, other sources (interest) and agriculture up to Rs 5,000. The Sugam form can be filled by individuals, Hindu Undivided Families and companies like Limited Liability Partnership (LLP) whose total income is up to Rs 50 lakh and whose income is from business and profession.

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