What is Form 26AS? What AIS? What information do these two important documents contain? What should a taxpayer do if there are errors in the transactions, salary and income details reflecting in Form 26AS, AIS and Form 16? In this week’s episode of TOI Wallet Talks, Preeti Sharma, Partner – Global Employer Services, BDO India LLP talks about these topics in detail.
Form 26AS, Annual Information Statement Errors: How to rectify | Income Tax E-Filing AY 2023-24
Watch the video above to know what are the common errors that may reflect in your Form 26AS, Form 16 and the AIS. Also understand the importance of information matching between your Form 26AS, AIS and the pre-populated ITR form.
As you sit down to file your ITR this year, watch this 15 minutes video above to know exactly what needs to be done in case there are errors in your Form 26 AS and AIS.
“When you are filing your tax returns it is very important that you download Form 26AS and AIS and look at the documents carefully. Validate the information because if it is not accurate…when the Income Tax Department reconciles your tax return with the AIS and Form 26 AS there will be a deviation and in that situation you may get a notice from the tax department,” Preeti Sharma tells TOI.
In the video above, Preeti Sharma also explains the online grievance redressal mechanism for AIS. According to Sharma, each entry or transaction reflecting in the AIS has the option to share a feedback in case it is erroneous and possibly doesn’t even belong to you. “Sometimes the AIS may show transactions that are not yours, because your PAN has been wrongly reported. You can share feedback and raise a query, but file your return on time,” Sharma says.
“The tax officer will check the AIS to see whether the details reported in your income tax return are accurate or not. If you have raised a query on AIS, then when the comparison between your return and AIS happens the tax department knows why there is a deviation,” she adds.