What are the common mistakes that people make while filing ITR? Preeti Khurana answers

economictimes.indiatimes.com:

«As you very rightly said that the form 26 AS and AIS are the most important forms that you require for your tax filing. Now, AIS is actually a very comprehensive statement,» says Preeti Khurana, Director, ClearTax.I think it is very important to get the basics clear over here and the major confusion that usually viewers have or taxpayers have is about Form 26 AS and the AIS where you have your entire annual financial information listed. So, the importance of these two forms and how can one look at it?As you very rightly said that the form 26 AS and AIS are the most important forms that you require for your tax filing.

Now, AIS is actually a very comprehensive statement. It has all the information that you need. It has your interest income.

It will have your TDS information. It will have, if you earned any rental income where the person whose tenant in your property has been claiming HRA, then that rental income will appear in your AIS. So, AIS is actually pretty comprehensive.

You can see even your transactions with respect to safe purchase of mutual funds or equity shares that also appear in this form. Now, what the government has done from this particular tax filing is that all your tax payments, so whatever taxes you have paid are also now only appearing in your annual information statement which is your AIS. So, earlier these tax payments used to show up in form 26 AS that has now changed.

And AIS is the form that you need actually for your tax filing. It has everything which is there in Form 26 AS. And what you can do is since it is a pretty complicated, it is a large form, I would highly recommend taxpayers to use the pre-fill option.