Sir, The income for AY24-25 is only LTCG from equity MFs and interest from FDs of two NBFCs. As such, ITR filing can be done on 1st April 24 itself but one of the NBFCs is yet to populate AIS with interest paid data which action may extend to June 24. As the interest paid data is available in Bank Ac, can I file the ITR now itself as I am in a hurry? There will be mismatch with AIS right now but by the month of June, it will be normal when they post the figures.

Ans: Current year return can be filed without filing ITR of earlier year.

However, considering your facts, it is advisable that you check your eligibility to file updated return for earlier year and file it to avoid any penal consequences.

Ans: Hello, you can start filing from this year itself which is AY 24-25
And please make sure to pay advance tax before 15th march on capital gains to avoid any interest of tax payable

Ans: You can definitely file your ITR now, even though a part of the interest income isn't reflected in the AIS (Annual Information Statement) yet. Here's why:

NRIs with LTCG and low interest income: As an NRI with only LTCG (taxable) and interest income below one lakh, you qualify to file ITR-1 (Sahaj).

Discrepancy with AIS: A minor difference between your reported income and the AIS data might not be a major issue. The income tax department usually sends notices for significant discrepancies.

Here's what you can do:

File with the information you have: Go ahead and file your ITR using the interest income details you possess.

Mention the discrepancy: While filing, you can explain the missing interest income in the ITR form itself. Briefly state that you expect it to be reflected in the AIS by mid-June.

Revise if needed: If the missing interest income gets populated in the AIS later, you can revise your ITR accordingly. There's a window for revising ITRs after the initial filing.

Here are some additional points to consider:

It's always best to report accurate income. Including the estimated interest income demonstrates your transparency.

If you're uncomfortable filing now, you can wait until the AIS data is updated by mid-June. However, there's no penalty for filing early.

Ultimately, the decision is yours. Filing now with an explanation or waiting for the AIS update are both viable options.

It's recommended to consult a Chartered Accountant (CA) specializing in NRI taxation for personalized guidance.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

Ans: AIS is updated based on SFT/TDS/other returns filed by different reporting entities Due date of some of such returns was 31st May and accordingly, AIS is likely to be updated in next 2 week. Thus, it is advisable to file ITR after 15th June.

Further, AIS can be base for ITR but if any income/TDS/other details are available with you but not appearing in AIS; same is required to be reported/considered in ITR as per Income Tax provisions.