Mismatch in AIS and Form 26AS data: Are you planning to file income tax return (ITR) for Assessment Year 2024-25? Make sure that your Form 26AS data match with that of AIS (Annual Information Statement) else you will be served a notice by the Income Tax Department. With just five days left for ITR deadline, taxpayers who are yet to file their income tax return must be in a hurry to complete their ITR filing process before the due date. The income tax return filing deadline is July 31, 2024. Taxpayers are advised that before starting the ITR filing process they must ensure that there is no mismatch between AIS and 26AS data.
What is Form 26AS?
Form 26AS is a consolidated tax statement issued by the Income Tax Department of India. It summarizes tax-related information, including TDS (Tax Deducted at Source), TCS (Tax Collected at Source), advance tax paid, and self-assessment tax paid by a taxpayer. This form helps taxpayers verify the taxes paid against their PAN (Permanent Account Number).
What is AIS?
On the other hand, AIS (Annual Information Statement) is a statement provided by tax authorities summarizing financial transactions and information relevant to tax assessment for a particular year. It typically includes details of income received, credit card payments, and other financial data reported by taxpayers or third parties via Specified Financial Reporting.
What is the difference between AIS and Form 26AS?
AIS is the extension of Form 26AS. Form 26AS displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year. AIS additionally includes savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover etc.
AIS also provides the taxpayer the option to give feedback on the transactions reported. Further, the aggregation of transactions on information source level is also reported in TIS.
What is TIS?
TIS (Taxpayer Information Summary) serves to consolidate and summarize each category of information included in the AIS (Annual Information Statement). While Form 26AS is specific to tax reporting, AIS and TIS provide more generic statements summarizing both financial and tax-related information.
Also read: ITR Filing: Why should you submit 15G, 15H for income tax returns?
What should you do if you find a mismatch in your Form 26AS and AIS data?
Before filing their return, every taxpayer should review the details mentioned in both the AIS (Annual Information Statement) and Form 26AS. If there are any discrepancies between the details maintained by the taxpayer and those in the AIS, the taxpayer can provide online feedback regarding the mismatch by following these steps:
If you encounter a mismatch with the information in the AIS or Form 26AS, you can address it by providing online feedback. You will have the option to select one of the following responses: “Information is correct,” “Information is not taxable,” “Information is not fully correct,” “Information relates to another PAN/year,” “Information is duplicate/included in other information,” or “Information is denied.” This feedback helps in resolving discrepancies and ensuring that your tax records are accurate.
In case of a mismatch in Form 26AS, the taxpayer should inform the tax deductor and request a revision of the TDS return to correct the error.
It is also advisable for the taxpayer to keep necessary documents related to the transactions, such as bank statements and demat statements, to support any corrections and ensure accurate reporting.