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[ad_1] ITR Filing: About 5.83 crore income tax returns were filed as on July 31 last year, the last day for filing returns for assessment year 2022-23. Acting as consolidated tax credit system, Form 26AS plays an important role in all the tax payments made on your behalf by your employer or clients. Form 26AS is something you should be aware of if you are a person or a business submitting tax returns . Form 26AS, which serves as a unified tax credit system, is essential in all tax payments made on your behalf by your company or clients. It contains important information regarding Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) from various income sources such as banks and employers. What is the significance of Form 26AS, and why should you pay attention to it before completing your income tax returns? Let us dissect it and grasp its significance: Form 26AS is like an annual statement provided to taxpayers by the Income Tax Department. It’s a summary of your tax info

[ad_1] July 31 is the last date for filing the Income Tax returns without any penalty for AY 2023-24. By July 11, over 2 crore ITRs were filed for AY 2023-24 as compared to 2 crore ITRs filed till the 20th of July last year. This means, more taxpayers have filed returns before time this year. India has around 6 crore taxpayers. Sharing the taxpayer's latest data, the Income Tax department said that taxpayers have helped it reach the 2 crore milestone 9 days early this year, compared to the corresponding period in the preceding year. The Income Tax Department advised people to file their ITR for AY 2023-24 at the earliest to avoid last minute spurt. With the advancement of technology, the Income Tax Department has also gone high-tech and is using Artificial Intelligence to track and match data even from sources you cannot imagine.  Use Of AI In ITR Scrutiny Starting this year, the income tax department will conduct the strictest scrutiny of tax returns. To facilitate this