As you prepare to file your income tax return for the financial year 2023-24 (assessment year 2024-25), the first crucial step is to access your Form 26AS (tax credit statement) and Annual Information Statement (AIS). These documents provide comprehensive details about taxes deducted and paid, along with other financial transactions.
How to Access Your AIS
The Annual Information Statement (AIS) can be accessed through the Income Tax (I-T) department’s official return-filing website. Follow these steps:
Click on the 'AIS' tab on the homepage and proceed.
You will see two tabs: Instructions and AIS. Review the instructions and then select ‘AIS’.
Download the statement using your PAN and birthdate as the password.
Review Your AIS Thoroughly
It is critical to thoroughly review the records of financial transactions and TDS in your AIS to ensure you declare all income. The AIS and Form 26AS contain a complete history of a taxpayer’s transactions, so no income goes unnoticed.
Failing to report transactions, such as the sale of shares or mutual fund units, can result in a notice for non-disclosure when the I-T department processes your returns. The AIS will display details such as tax refunds, savings account interest, dividends earned, rent received, purchase and sale transactions of securities, immovable properties, and foreign remittances. Ensure your Income Tax Return (ITR) reflects all these details accurately.
Flag Discrepancies
If you spot any errors in your Form 16 due to mistakes by your employer, you can share your feedback on the portal. The AIS includes a built-in grievance redressal mechanism. To use this facility online:
Log in to the income tax e-filing portal and access your statement.
Verify the information and provide feedback if you find errors.
To raise a dispute on any figures mentioned in Part B of the AIS, which includes income, tax deducted at source (TDS), and specified financial transactions (SFT) details, follow these steps:
Click ‘Bulk feedback’, select the specific transaction with the error, and then click ‘Continue’.
Select the appropriate grounds of complaints under the ‘Feedback type’ dropdown menu and hit ‘Submit’.
If your feedback is accepted, the AIS will reflect both the value reported by the deductors and the data modified after your feedback.
By carefully reviewing and correcting your AIS and Form 26AS, you can ensure that your income tax return is accurate and complete, avoiding potential issues with the I-T department.
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