Tax professionals are racing towards time with the revenue tax-filing deadline approaching quick to submit the returns by 31 July. However, among the people who find themselves attempting to file their returns are going through issues as a consequence of some error within the web site for submitting revenue tax returns.
The revenue tax division had launched a refurbished web site during which some particulars of the taxpayers had been prefilled which included the data accessible towards a person’s everlasting account quantity (PAN) within the return types of the revenue tax.
In the absence of knowledge of advance tax information on the web site accessible, it’s going to be very troublesome for taxpayers and CAs to have the ability to file the ITR easily and accurately.
“If the consumer fails to convey to consideration to the CAs the advance tax on the presumption that the CA will have the ability to fetch it from the web site, there may be the probability of taxpayers receiving notices from the division. It will enhance the workload and heartburn. The CBDT ought to particularly process some with a duty to always monitor the graceful functioning of the web site and varied functionalities,” said Balwant Jain, Tax and investment expert.
“Formerly beyond FY 2022-23, the details of taxes paid i.e. advance tax & self-assessment tax use to appear in Form 26AS against a taxpayer’s PAN. Therefore, while filing the Income Tax Return, this amount used to get auto-populated from Form 26AS as pre-filling technique into ITR form. However, this pre-filling technique feature is missing in upcoming tax filing forms which will be a tedious task as the Chartered accountants or any person filing the ITR will have to cross check & fetch the challans and manually fill the details of taxes paid. This will be a tedious task and will require extra effort in tax filings,” stated Maneet Pal Singh, Partner, I.P. Pasricha & Co.
People are discovering it troublesome to file the returns because the pre-filled information will not be being fetched correctly and guide intervention is required by the tax specialists.
Earlier, Form 26AS has been revamped to an ”Annual Information Statement” which aside from the TDS/ TCS particulars, shall now include complete data regarding specified monetary transactions, fee of taxes, demand/ refund and pending/accomplished proceedings undertaken by a taxpayer in a selected monetary yr that needs to be talked about within the revenue tax returns.
In a press release, CBDT stated the Department used to obtain data like money deposit/withdrawal from saving financial institution accounts, sale/buy of immovable property, bank card funds, buy of shares, debentures, overseas forex, mutual funds, money fee for items and providers, and so on. from “specified individuals” like banks, mutual funds, establishments issuing bonds and registrars since Financial Year 2016 onwards.
Now, all such data below completely different SFTs will likely be proven within the new Form 26AS, it added.
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Updated: 19 Jun 2023, 04:18 PM IST
