Every taxpayer should before filing his return take into consideration the details mentioned in the AIS and Form 26AS.
Response by CA (Dr.) Suresh Surana: Form 26AS is a consolidated tax statement issued by the Income Tax Department of India, summarizing tax-related information such as TDS (Tax Deducted at Source), TCS (Tax Collected at Source), advance tax paid, and self-assessment tax paid by a taxpayer, etc. It helps taxpayers verify the taxes paid against their PAN (Permanent Account Number).
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On the other hand, AIS refers to a statement provided by tax authorities that summarizes 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 vide Specified Financial Reporting.
TIS serves to consolidate and summarize each category of information included in the AIS. Thus, while Form 26AS is specific to tax reporting, AIS and TIS are more generic forms to provide statements summarizing financial as well as tax-related information.
Every taxpayer should before filing his return take into consideration the details mentioned in the AIS and Form 26AS. In case of any mismatch in the details as maintained by the taxpayer and AIS, the taxpayer has an option to provide online feedback regarding such mismatch as follows:-
* Information is correct
* Information is not taxable
* Information is not fully correct
* Information relates to other PAN/ Year
* Information is duplicate/ included in other information.
* Information is denied
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In case of any mismatch as regards the information mentioned in Form 26AS, the taxpayer should highlight the same to the tax deductor and require him to revise the TDS return for rectifying the error.
In cases where there is a mismatch in either Form 26AS or AIS, it is recommendable that the taxpayer should maintain the necessary documents pertaining to the transactions such as bank statements, demat statements, etc.
