Filing a revised return for a change in
accounting method or disclosure
If you have filed an income tax return with income
computed as per the mercantile method of accounting but later realize the need
to file a revised return with income computed as per the cash method of
accounting, you cannot do so. The option to file a revised return is only
available if there is an omission or wrong statement in the original return. A
change in the accounting method does not fall under these categories, so you
cannot change the method by filing a revised return.
Changing ITR form while filing a
revised return
Yes, you can change the ITR form while filing a
revised return. The Income-tax Act does not prohibit the filing of a revised
return in a different form. If you initially filed ITR-1 and later realize the
need to disclose additional income, such as lottery income, you can file a
revised return using ITR-2 or the appropriate form for the revised disclosure.
Submitting multiple rectification requests
If you have already filed a rectification request
under Section 154 for an error in your processed return and want to raise
another rectification request for a different error, you cannot do so until the
Income-tax Department processes your previous request. You need to wait for the
processing of the previous rectification request before filing a new one.
Furnishing ITR for financial transactions
reported in SFT
Filing an Income-tax return is mandatory based on
the criteria mentioned in Section 139 of the Income-tax Act. If a person's case
does not fall under any of these criteria, they are not required to file a
return, even if they have entered into a financial transaction reported in the
Statement of Financial Transaction (SFT).
Correcting an invalid return
If your return
has been declared invalid, it is considered as if you haven't filed a return at
all. In such a case, you can furnish a new return if the time limit for filing
the original/belated return has not expired. However, if the time limit has
expired, you cannot file a return for that assessment year. The Assessing
Officer may proceed to make a best judgment assessment under Section 144.
Alternatively, you can approach the Central Board of Direct Taxes (CBDT) to
seek condonation of delay in filing the return.
Annual Information Statement (AIS)
The government
has expanded the scope of Form 26AS to include information about various
transactions made by a person throughout the year. Rule 31AB has been omitted,
and a new Rule 114-I has been introduced to upload the Annual Information
Statement (AIS) in Form No. 26AS in the registered account of the assessee. The
AIS consists of the following information:
·
Information relating to TDS and TCS
·
Information relating to Specified Financial
Transactions (SFT)
·
Information relating to the payment of taxes
·
Information relating to demand and refund
·
Information relating to pending proceedings
·
Information relating to completed proceedings
·
Information received from any officer,
authority, or body performing any functions under any law or information
received under an agreement referred to under section 90 or section 90A or
information received from any other person to the extent it may be deemed fit
in the interest of the revenue.
All the
relevant information available in AIS is automatically pre-filled in the
relevant ITR Form.
Can a taxpayer access the information
available in the Annual Information Statement (AIS)?
An Assessee
can access AIS information by logging into his income-tax e-filing account. If
he feels that the information furnished in AIS is incorrect, duplicate, or
relates to any other person etc., he can submit his feedback thereon. An
assessee can access and respond to AIS information from the income-tax e-filing
portal. Alternatively, he can also use an offline utility.
How to access the Annual Information
Statement (AIS) online?
·
The following are the steps to access the AIS
information online:
Step 1: Log in
to the Income-tax e-filing website at https://www.incometax.gov.in/ If you are a new user, you will
be required to first register on the e-filing portal.
Step 2: After
log-in, click on Services > Annual Information Statement (AIS)
Step 3: A
message shall appear that will prompt you to click on 'proceed' to redirect to
the AIS homepage.
Step 4: The
next screen provides the instructions relating to the Annual Information
Statement (AIS) and Taxpayer Information Summary (TIS). TIS displays the
information available in AIS category-wise. It shows the original and revised
values (i.e., value processed after the taxpayer's feedback). The revised
values in TIS are used for pre-filling of return
Step 5: Click
on the next tab of 'AIS'. On the redirected screen, two tiles appear - Taxpayer
Information Summary (TIS) and Annual Information Statement (AIS). Select the
relevant financial year from the drop-down and click on the AIS tile to view
the information.
Step 6: On the
next screen, the information available in AIS is displayed in Part A and Part
B. Part A contains the general information about a taxpayer (i.e., PAN, Aadhar,
Name, Date of Birth, Mobile Number, E-mail Id, and Address). Part B contains
the comprehensive information of a taxpayer for the selected financial year as
uploaded by the prescribed income-tax authority. The information in Part B is
divided into the following categories:
o
TDS/TCS Information
o
SFT Information
o
Payment of Taxes
o
Demand and Refund
o
Other Information
Step 7: The
information available in AIS can be downloaded in CSV, JSON, or PDF format. The
user will have to download the transactions in CSV format for every category of
transaction separately. In contrast, the entire AIS can be downloaded only in
PDF or JSON. If you select the PDF format, the downloaded PDF will be password
protected. To open the file, you will need to enter the combination of the PAN
(in lower case) and the date of birth in case of an individual taxpayer or the
date of incorporation/formation for the non-individual taxpayer in the format
DDMMYYYY without any space. For example, if the PAN is AAAAA1234A and the date
of birth is 21st January 1991, then your password will be aaaaa1234a21011991
What should I do if the information in AIS
is not correct or does not belong to me?
·
If a taxpayer feels that the information
furnished in AIS is incorrect, duplicate, or relates to any other person, etc.,
he can submit his feedback thereon. Response to AIS information can be made
online directly from the income-tax e-filing portal or offline utility.
How to submit feedback on AIS Information
(online)?
Step 1: Visit
the Income-tax e-filing portal and access AIS information.
Step 2: On
accessing AIS, the assessee will find the comprehensive information for the
selected financial year under Part B in the following tabs:
TDS/TCS
Information
SFT
Information
Payment of
Taxes
Demand and
Refund
Other
Information
Step 3: Click
on the relevant tab to view the source-wise information.
Step 4: Click
on the left-hand icon to expand the source-wise information to view
transaction-level information.
Step 5: Click
on the "Optional" tab in the feedback column to provide and submit
feedback on the concerned transaction. An assessee can also submit feedback on
multiple transactions in bulk. Feedback options include confirming the
information is correct, not fully correct, related to another PAN/year,
duplicate/included in other information, denied, or providing customized
feedback based on the information category. If the transaction relates to an
income, an additional option, "Income is not taxable," shall appear
in the feedback options drop-down list.
Step 6: Once
the feedback is submitted, a success message shall appear indicating that the
Taxpayer Information Summary (TIS) will be updated accordingly. Further, the
feedback may be shared with an information source for comments/responses. The
assessee can download the acknowledgement receipt from the activity history.
