TDS Return Form 26Q: Due Dates, Applicability & Related Forms
TDS Return Form 26Q: Due Dates, Applicability & Related Forms Form 26Q is a quarterly TDS return that must be filed by deductors when tax is deducted at source on payments…
Scrutiny of ITRs using Advanced AI Tools
IT refund will take time this year . This year, they are going to scrutinize the returns very strictly. For this they are adapting the specially designed, self automated and modified Artificial Intelligence software program (AI) for scrutinizing the filed ITRs.
This program will first collect the data linked with your PAN card, then it will automatically follow the linked data with your Aadhar card. After this the AI will tally the transactions linked with your Aadhar and PAN with the bank accounts attached. Now it will collect all details of fixed deposits, quarterly interests credited, share dividends, share transactions, mutual fund and shares, long term and short term gains of all bank accounts you declared & attached yourself with your Income Tax ITR returns filed by you.
Now it will start tallying the undeclared bank accounts on your name and *also with the joint name -(where you are second or third member to operate the account). It will also search the postal accounts and bank accounts with all cooperative banks, local credit institutions (पतसंस्था), postal fix deposits, interests, postal RDs, MIS, senior citizen saving schemes etc either single or jointly with second name where your investments are made with the family members who are non registered ITR filers.
The PAN card will now be checked with the government registry office for any Land and immovable property transactions in the current and previous three years.
After all this, they workout the debit cards, credit cards transactions, passport, visa attached tour details, two & four wheeler purchase or sale etc.
The complete data collected will be tally with data you furnished /declared through your Income Tax Return. Also will be tally with TDS cut in AS26 data.
The declared and undeclared factual income tax will be calculated automatically and demand will be sent to you under Section 143(i).
Read More: Getting ESOP as salary package? Know about ESOP Taxation
The full proof automated AI-ITR program is successfully finalized & tested and will be implemented first time from *this year*onwards. So income tax processing will be delayed somewhat. All the ITRs are expected to process late in the last week of July or in the first week of August. *Because this specially designed AI-ITR program has enough capacity to do all this work in a fraction of seconds.
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