Income Tax News: Beware! Errors in AIS, TIS and Form 26AS Can Lead to Heavy Penalties, Check Here

Income Tax News: The process of filing Income Tax Returns (ITR) is proceeding smoothly, with many taxpayers already having filed their ITR. It is important to note that the deadline for filing ITR is July 31, 2024. Filing your ITR correctly is crucial. Mistakes in the Annual Information Statement (AIS), Taxpayer Information Summary (TIS), and Form 26AS can cause problems. Here’s how you can avoid these mistakes.

Understanding AIS, TIS and Form 26AS

The Annual Information Statement (AIS) provides information on financial transactions, tax payments, and refunds. The TIS presents the AIS information in a simplified manner for better understanding by taxpayers. Form 26AS acts as a tax credit statement, displaying details of TDS and TCS.

How to Identify Mistakes

While filing ITR, taxpayers should carefully match all three forms on the e-filing portal. This helps in checking for any discrepancies in income sources, TDS, and tax payments.

How to Correct Mistakes

Submit Feedback on the AIS Portal

1. Log in to the portal and select ‘Annual Information Statement (AIS)’ under the ‘Services’ tab.
2. Review Part A and Part B of the AIS, identify any incorrect information, and choose ‘Optional’ to submit feedback.
3. From the drop-down menu, choose one of the seven available options:
   • Information is correct.
   • Transfer is not of sale type.
   • Income is not taxable.
   • Information is not entirely correct.
   • Information belongs to another PAN/year.
   • Information is duplicate/included in other information.
   • Information is denied.
4. After selecting the appropriate option, click the ‘Submit’ button.

Form 26AS

If your self-assessment or advance tax is not shown, verify the accuracy of the challan number and PAN.

By following these steps, you can ensure that your ITR is filed correctly and avoid any potential issues.