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For error-free submission of your income tax return, thoroughly review Form 26AS, AIS

You may start submitting your yearly income tax return by gaining access to your yearly Information Statement (AIS) and Form 26AS, which is your tax credit statement. You must cross-reference the data in these papers with your Form-16 and bank statements.


Before you begin the ITR filing process, download Forms 26AS and AIS.

The deadline of July 31 to file income tax returns for the 2023–24 fiscal year (or 2024–25 assessment year) is getting nearer.


Getting all of your paperwork in order, especially your Form 26AS (the tax credit statement, annual information statement (AIS), capital gain, as well as bank statements, is the first step towards filing returns whether or not you are a salaried taxpayer as well as have not yet received your Form-16.


Reasons to review Form 26AS and AIS


The Annual Information Statement and Form 26AS are available for download on the Income Tax website (incometax.gov.in). You may register now if you haven't previously in order to start the procedure. Your user ID will be your Permanent Account Number (PAN).


You may access information about high-value financial transactions and property acquisitions made during the year, in addition to tax deducted at source (TDS) and tax collected at source (TCS) that deductors including banks and employers deposit with the income tax department, by using Form 26AS.


Form 26AS, which offers a more thorough and in-depth view of your taxes withheld and paid together with other financial activities, is expanded upon by AIS. It will provide information on things like tax refunds, interest or dividends received from savings accounts, rent paid, the buying and selling of shares, real estate, overseas remittances, and so forth.


You may make sure that you don't unintentionally or otherwise miss any financial transactions that are subject to taxes by carefully reviewing these two statements. It will be possible for you to determine which income sources have had tax withheld from them, enabling you to make a credit claim for those deductions.


Observe some banking transactions


When comparing the information on Form 26AS with the specifics of any high-value financial transactions (SFT) you may have performed throughout the year, you must exercise extra caution. For instance, the statement will show purchases of real estate valued at more than Rs 30 lakh or cash deposits of more than Rs 10 lakh made in your savings accounts throughout a fiscal year. Tax notifications may be sent in the future if there is an error on these counts that is not fixed.


Alert me to inconsistencies and have them fixed.


Any discrepancies in the transaction and tax deduction data on Form 26AS, AIS and your records may be found by comparing your Form-16, income statements, and bank interest certificates, among other documents. Any disparities should not be disregarded as they may lead to inquiries and/or notifications from the income-tax division.


Your complaints about Form 26AS mismatches cannot now be addressed via the I-T site. To get the mistakes fixed, you must contact your tax collector or deductor (such as your bank or company). It is advisable to start the return-filing procedure well in advance so that you have time to finish the reconciliation and correction, if necessary, since these chores may take a lot of time.


To get issues resolved quickly, tap AIS.


A built-in grievance redressal system is included with AIS. You must first access the statement by logging into the income tax e-filing system in order to use this online service. When you open it, you may check the details and let us know if you see any mistakes.


In Part B of the statement, which includes information on income, TDS, SFT data, and other numbers, you may file a dispute by selecting the individual transaction where the mistake was discovered, clicking "Bulk feedback," and then clicking "Continue." Choose the relevant grounds of complaint from the "Feedback type" selection menu, then click "Submit." In the event that your argument is approved, AIS will display the value that the debtors submitted together with any updated data based on your input.


Your route to an efficient and error-free ITR filing will become evident if the information about your income and taxes as reported on Form-16, bank statements, and Form 26AS match.

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