Experts warn early birds filing income tax returns (ITRs) that their annual income statement (AIS) could be outdated. Data pertaining to tax deducted at source (TDS) and the statement of financial transactions (SFT) usually reach the government on 31 May and take 15 or more days to get updated. AIS contains information on almost all the financial transactions in a fiscal year and misreporting of any income or transaction included in the AIS will get you on the taxman?s radar.
Experts warn early birds filing income tax returns (ITRs) that their annual income statement (AIS) could be outdated. Data pertaining to tax deducted at source (TDS) and the statement of financial transactions (SFT) usually reach the government on 31 May and take 15 or more days to get updated. AIS contains information on almost all the financial transactions in a fiscal year and misreporting of any income or transaction included in the AIS will get you on the taxman?s radar.
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