AIS now reflecting new income?

I filed my returns in the first week of June.  Some incomes from stock dividends are now showing in AIS. Should I file a rectified ITR?  

—Ramesh Yadav 

Yes, it is advisable to file a revised income tax return (ITR) to include this income and pay any additional tax due. Filing a revised return helps you stay compliant with tax laws and avoid any notice for underreporting income. Here’s what you should do: 

Verify the income: Dividend income is prefilled in the income tax return and it is important to ensure that the stock dividends reflected in the AIS are accurate and that you have not already included them. 

Pay additional tax: Calculate the additional tax liability and pay it. Include any applicable interest, if any, under Sections 234B and 234C. 

Submit the revised ITR: As per Section 139(5), revised return for FY 23-24 can be filed up to December 31, 2024. 

I had filed my ITR in December last year but have not got the refund yet. What should I do? 

—Ashwini Dua 

There are various reasons why you may not have received your refund. Here are the steps to follow: 

Check ITR Status: Log in to the income tax e-filing portal and check the status of your ITR. Ensure that it has been processed and that a refund has been determined. 

Verify bank details: Ensure that the bank account details provided in your ITR are correct and the account is pre-validated on the e-filing portal. If the income tax refund has not been successfully processed, you should have received a notification from the income tax department, and this should be visible on your income tax portal. 

Check for Intimations Under Section 245: In some cases, an outstanding demand from earlier years is adjusted against the current year’s refund. Section 245 empowers authorities to adjust any previous year’s demand with the refund amount due to the taxpayer. If this is the case, you should have received an intimation under Section 245. In case of an outstanding demand, you can apply for rectification under section 154 to correct the demand, and the balance refund will be processed to your account. 

Raise a Grievance: If your ITR status shows it has been processed and no intimation has been raised, raise a grievance on the portal. 

Published in Financial Express