Income tax return (ITR) filing: Here is how to correct discrepancies in AIS, TIS, and 26AS

Individual taxpayers must file income tax returns (ITR) before 31 July 2024 to avoid penalties. This deadline marks the final month for filing, emphasising the importance of timely submission to comply with tax regulations. Correcting discrepancies in various tax-related documents such as Annual Information Statement (AIS), Taxable Income Statement (TIS), and Form 26AS is crucial before filing your Income Tax Return (ITR). Ensuring these documents accurately reflect your financial transactions and income is essential to avoid potential discrepancies and ensure a smooth tax filing process.

It is crucial to file your ITR accurately; discrepancies in your Annual Information Statement (AIS), Taxpayer Information Summary (TIS), and Form 26AS can lead to complications.

Understanding AIS, TIS, and Form 26AS

According to CA (Dr.) Vijay Kumar Gupta, Member NIRC (ICAI), “The Annual Information Statement (AIS) summarizes financial transactions, tax payments, and refunds. The Taxable Income Statement (TIS) simplifies AIS details for taxpayer comprehension. Form 26AS serves as a tax credit statement, displaying details of TDS and TCS.”

Identifying Discrepancies

Access your AIS, TIS, and Form 26AS from the e-filing portal and meticulously compare information across all three documents. Check for any disparities in income sources, TDS entries, and tax payments to ensure that all reported income is accurately reflected.

Submit Feedback on the AIS Portal

• Log in to the portal and select ‘Annual Information Statement (AIS)’ under the ‘Services’ tab.
• View Part A and Part B of AIS, identify the incorrect information, and select ‘Optional’ to submit feedback.
• From the drop-down menu, choose the relevant option from the seven available:

a. Information is correct

b. Transfer is not like a sale

d. Information is not fully correct

e. Information relates to other PAN/Year

f. Information is duplicate/included in other information

• Click ‘Submit’ to send your feedback.

Self-Assessment/Advance Tax Issues in 26AS

Garima Tripathi, Partner at V Sahai Tripathi & Co., Chartered Accountants, advised, “If your Self-Assessment or Advance Tax deposits are not shown, verify the challan number and PAN to confirm their accuracy.”

Mismatch in TDS

Garima Tripathi suggested, “In case of a TDS mismatch, inform your employer or deductor promptly. They should file a revised TDS return to rectify the discrepancy.”

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