For most taxpayers, filing an income tax return (ITR) is an annual ritual that is tedious, but unavoidable. Taxpayers continue to see it as a cumbersome chore despite the Income Tax (I-T) Department’s attempts to make the process simpler by introducing pre-filled return forms and the Annual Information Statement (AIS). The latter is a detailed summary of incomes earned and specified financial transactions made during a financial year, and thus can serve as a source of self-verification for taxpayers.

At the same time, however, the artificial intelligence (AI) and data-driven scrutiny has become stricter and the room for errors narrower. Note the below said points before and after filing your Income Tax Return :

1.Claiming deductions, exemptions not backed by proof

2.Not tallying AIS, Form 26AS and your financial details

3.Not selecting the right form or return

4.Not declaring all incomes

5.Not being meticulous with capital gains reporting

6.Omitting income from former employer

7.Delaying return filing beyond due date

8.Not verifying returns after online submission

Read more at:
https://economictimes.indiatimes.com/tech/technology/agentic-ai-adoption-drives-stronger-governance-oversight-risk-controls/articleshow/131739408.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst