Income Tax Return – Mismatch in AIS and Form 26AS: What should you do before filing ITR?
Mismatch in AIS and Form 26AS: As the tax-filing season is inching closer to the due date for most assessees, several taxpayers on social media have been complaining to the Income Tax Department about the mismatch in their respective Annual Information Statement (AIS) and Form 26AS.
FE PF Desk got in touch with some tax experts to find out what the taxpayers should do if they discover a data mismatch in these documents. Read on to know what they suggest. But first, let’s understand what purpose is served by Form 26AS and AIS.
Form 26AS provides the details of property purchases, high-value investments and other TDS/TCS-related transactions carried out during the financial year.
AIS, apart from certain specified details mentioned in Form 26AS, contains details of savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, etc.
Also Read: Income Tax Return processing AY 2023-24: When will you get refunds?
If you miss reporting some essential income received during the financial year while filing the ITR, there is a high chance you will receive a demand notice from the Income Tax Department. Other errors where you can receive notice could be mismatches in PAN or TAN details or missing TDS entries. Hence, it is important to refer to the annual information statement (AIS) and Form 26AS before filing the ITR, according to Abhishek Soni CEO and co-founder of Tax2win, a Fisdom company.
Dr Suresh Surana, Founder of RSM India, also says that every taxpayer, before filing his/her return, should take into consideration the details mentioned in the AIS and Form 26AS. However, in case of a mismatch, taxpayers have the option to provide online feedback
Read more on financialexpress.com
