Individual taxpayers must file their Income Tax Returns (ITR) before July 31, 2024, to avoid penalties. As the deadline approaches, it’s crucial to ensure that all tax-related documents, such as the Annual Information Statement (AIS), Taxpayer Information Summary (TIS), and Form 26AS, are accurate. Correcting any discrepancies in these documents is essential for a smooth tax filing process.
Importance of Accurate ITR Filing
Discrepancies in your AIS, TIS, and Form 26AS can lead to complications in your ITR filing. It’s vital to check and correct these documents to reflect your financial transactions and income accurately.
Understanding AIS, TIS, and Form 26AS
‘The Annual Information Statement (AIS) summarises financial transactions, tax payments, and refunds,’ explains CA (Dr.) Vijay Kumar Gupta, Member NIRC (ICAI). ‘The Taxpayer Information Summary (TIS) simplifies AIS details for taxpayer comprehension, while Form 26AS serves as a tax credit statement, displaying details of TDS and TCS.’
Identifying Discrepancies
Access your AIS, TIS, and Form 26AS from the e-filing portal and compare the information across all three documents. Look for any disparities in income sources, TDS entries, and tax payments to ensure all reported income is accurately reflected.
Correcting Discrepancies
- Submit Feedback on the AIS Portal
- Log in to the portal and select ‘Annual Information Statement (AIS)’ under the ‘Services’ tab.
- View Part A and Part B of AIS, identify the incorrect information, and select ‘Optional’ to submit feedback.
- From the drop-down menu, choose the relevant option:
- Information is correct
- Transfer is not like a sale
- Income is not taxable
- Information is not fully correct
- Information relates to other PAN/Year
- Information is duplicate/included in other information
- Information is denied
- Click ‘Submit’ to send your feedback.
Self-Assessment/Advance Tax Issues in 26AS
‘If your Self-Assessment or Advance Tax deposits are not shown, verify the challan number and PAN to confirm their accuracy,’ advises Garima Tripathi, Partner at V Sahai Tripathi & Co., Chartered Accountants.
Mismatch in TDS
‘In case of a TDS mismatch, inform your employer or deductor promptly,’ suggests Garima Tripathi. ‘They should file a revised TDS return to rectify the discrepancy.’
Conclusion
Ensuring that your AIS, TIS, and Form 26AS are accurate before filing your ITR is crucial for a hassle-free tax filing process. By identifying and correcting any discrepancies, you can avoid potential complications and ensure compliance with tax regulations. Don’t wait until the last minute—review and correct your documents today.
