Know About ITR Filing: Importance of Form 26AS And AIS

Syed Muskan

ITR Filing:  

To file income tax returns correctly, it is important to pay attention to every information given in Form 26AS and AIS.

Income Tax

Filing your Income Tax Return:  

The first step in the process of filing an ITR is to submit the required documents. Apart from Form 16, documents related are income and investments, which also include Form 26AS and Annual Information Statement (AIS).


Difference between Form 26AS and AIS

Before AIS, taxpayers relied on Form 26AS to verify tax payments. It was used for confirming taxes recorded by the Income Tax Department. However, with the AIS launch in 2021, taxpayers now have access to comprehensive details beyond tax payments. AIS includes income from various sources like salary, interest, etc expanding its scope beyond Form 26AS.

Tax, HUF, Income Tax

Why are both documents important?

Experts have recommended reviewing both AIS and Form 26AS during ITR. The Income Tax Department emphasizes that Form 26AS mainly focuses on TDS and TCS information, while AIS includes details of other taxes like self-assessment and advance tax.

tax benefit

Mismatch Of Information In Form 26AS and AIS  

Taxpayers facing a mismatch between Form 26AS and AIS details during ITR filing should prioritize Form 26AS information, as advised by the Income Tax Department during the AIS launch.

Mistakes in both AIS and Form 26AS

If discrepancies arise in AIS or Form 26AS, taxpayers should gather valid documents like bank statements or sale deeds to rectify errors. They can provide feedback to correct AIS mistakes and contact TDS deductors for Form 26AS discrepancies.