Filing your ITR is not just about meeting the due date; it is also about ensuring that the information reported is accurate and complete.
One of the simplest yet most effective ways to reduce the chances of receiving an income tax notice is to reconcile your return with the Annual Information Statement (AIS), Taxpayer Information Summary (TIS), and Form 26AS before filing.
Many taxpayers rely only on Form 16 or their salary slips while preparing their returns. However, the tax department receives financial information from various banks, employers, MFs, stock exchanges, property registrars, and other reporting entities.
This information is reflected in AIS, TIS, and Form 26AS. If the income reported in your return does not match these records, it could trigger a query or notice from the tax department.
Before submitting your return for AY 2026-27 by the due date of 31st July 2026, carefully compare the details in these statements with your own records. Check whether salary, interest from savings and fixed deposits, dividends, capital gains, rental income, tax deducted at source (TDS), and advance tax payments have been correctly reported. Also verify high-value financial transactions, if any, appearing in the AIS.
If you notice any mismatch, do not ignore it. First, determine whether the discrepancy is due to an error in your records or incorrect reporting by a financial institution. Where necessary, seek a correction from the reporting entity or provide appropriate feedback through the AIS portal before filing your return.
Another important step is to verify that all TDS credits reflected in Form 26AS have been correctly claimed. Missing TDS credits can lead to unnecessary tax demands or delays in receiving refunds.
Lastly, remember that filing the return is only part of the compliance process. Complete the e-verification within the prescribed time to ensure that your return is treated as valid.
Extra time spent reconciling AIS, TIS, and Form 26AS before filing can go a long way in ensuring an accurate return, faster refund processing, and significantly reducing the risk of receiving an income tax notice.
Disclaimer: This article is for informational purposes only and does not constitute professional tax advice. Tax laws and regimes are subject to frequent changes by the government. Readers should verify details with official Income Tax Department notifications or consult a Chartered Accountant before making any financial decisions.
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