What is Form 26AS? Which AIS? What information do these two important documents contain? What should a taxpayer do if there are errors in transaction, salary and income details on Form 26AS, AIS, etc.? form 16? In this week’s episode of TOI Wallet Talks, Preeti Sharma, Partner – Global Employer Services, BDO India LLP, speaks extensively on these topics.
Form 26AS, Errors in Annual Information Statement: How to Fix Them | E-Filing of Income Tax AY 2023-24
Watch the video above to learn what common errors can occur in your Form 26AS, Form 16 and the AIS. Also understand the importance of reconciling information between your Form 26AS, AIS and the pre-filled ITR form.
If you’re filing your ITR this year, watch this 15-minute video above for exactly what to do if you encounter errors in your Form 26 AS and AIS.
“When filing your tax return, it is very important that you download Form 26AS and AIS and review the documents carefully. Check the information because if it is incorrect, there will be a discrepancy when the Income Tax Department reconciles your tax return with the AIS and Form 26 AS, and in this case you may receive a notice from the Tax Department,” says Preeti Sharma opposite TOI .
In the video above, Preeti Sharma also explains the online complaints complaint mechanism for AIS. According to Sharma, for every entry or transaction that appears in the AIS, there is an opportunity to provide feedback if it is in error and may not even have come from you. “Sometimes the AIS may show transactions that are not yours because your PAN was reported incorrectly. You can provide feedback and ask a question, but you must submit your feedback in a timely manner,” says Sharma.
“The tax officer checks in the AIS whether the information in your income tax return is correct or not. If you’ve made an inquiry about AIS, by comparing your tax return to AIS, the tax department will know why there’s a discrepancy,” she adds.
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