All forms required for filing Income Tax Returns (ITR) have now been released. However, many taxpayers end up receiving notices from the Income Tax Department after filing their returns. Sometimes, refunds also get delayed. To avoid such issues, it is essential to carefully check two important documents — Form 26AS and AIS (Annual Information Statement) — before filing your ITR. These documents contain detailed records of the taxes deducted on your salary and other income.
Filing Made Easier Than Before
In recent years, the Income Tax Department has taken several initiatives to simplify the tax filing process. As part of this effort, the Central Board of Direct Taxes (CBDT) has made changes to the ITR forms and other essential documents related to return filing. Thanks to these improvements, e-filing is now more convenient than ever.
What is AIS (Annual Information Statement)?
AIS is a digital report that tracks all your financial transactions throughout the year. It helps ensure that the income you declare is accurate and gives you the opportunity to identify and correct any discrepancies. The AIS includes a wide range of financial data such as:
- Salary
- Interest income
- Dividends
- Rental income
- TDS and TCS details
- Securities and mutual fund transactions
- Property purchases and sales
- Foreign remittances
- GST turnover
- Tax payments, refunds, and demands
AIS provides a consolidated view of all your financial activities, making ITR filing smoother and more transparent.
What is Form 26AS?
Form 26AS is a tax credit statement that shows the amount of tax deposited under your PAN (Permanent Account Number). It includes:
- TDS deducted on your salary or other income
- Self-assessment tax
- Advance tax
- Refunds received
- Details of high-value transactions such as property purchases or large mutual fund investments
If any entry is missing (for example, a TDS deduction), you can contact the person or institution responsible for deducting the tax and request a correction.
Difference Between AIS and Form 26AS
AIS is essentially an extended version of Form 26AS. While Form 26AS includes information like TDS/TCS details, property purchases, and high-value investments, AIS offers a more detailed view. AIS covers:
- Interest from savings accounts
- Dividends
- Rental income
- Securities and property transactions
- Foreign remittances
- Interest on deposits
- GST turnover
AIS also allows taxpayers to provide feedback on each transaction. Additionally, a summarized version of the data is available in the form of TIS (Taxpayer Information Summary) for quick reference.
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Bottom Line: Before filing your ITR, always check both AIS and Form 26AS to ensure all your financial details and tax deductions are accurately reported. This can help you avoid unnecessary notices and refund delays.