It is essential to exercise utmost care and accuracy when reporting income and claiming deductions in your ITR. Misrepresentation or wrongful claims can result in severe penalties and legal implications. Compliance with tax regulations is of paramount importance to ensure a fair and transparent tax system.

The obtained information is then presented to taxpayers in the form of the Annual Information Statement (AIS) through their e-filing accounts. This significant measure aims to simplify the process of accurately filing income tax returns for individuals.