Correcting AIS, TIS, And 26AS Discrepancies In Income Tax Return Filing: Your Guide

The clock is ticking towards July 31, 2024 – a date that looms large for millions of Indian taxpayers. As this crucial deadline for filing Individual Income Tax Returns (ITR) approaches, the pressure mounts to ensure every detail in your tax documents is spot-on. But what if you spot discrepancies in your Annual Information Statement (AIS), Taxpayer Information Summary (TIS), or Form 26AS?

Understanding AIS, TIS, and Form 26AS

CA (Dr) Vijay Kumar Gupta, Member NIRC (ICAI), explains the purpose of these documents:

• Annual Information Statement (AIS): Summarizes financial transactions, tax payments, and refunds.
• Taxpayer Information Summary (TIS): Simplifies AIS details for easier comprehension.
• Form 26AS: Serves as a tax credit statement, displaying TDS and TCS details.

Accurate tax documents are the foundation of a hassle-free ITR filing process. As per the Income Tax Department, discrepancies in AIS, TIS, and Form 26AS can lead to complications and potential penalties. Let's delve into these documents and learn how to correct any inaccuracies.

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Step-by-step guide to correcting ITR discrepancies

1. Log in to the e-filing portal
2. Select 'Annual Information Statement (AIS)' under the 'Services' tab
3. View Part A and Part B of AIS
4. Identify incorrect information and select 'Optional' to submit feedback
5. Choose the relevant option from the drop-down menu:

- Information is correct
- Transfer is not like a sale
- Income is not taxable
- Information is not fully correct
- Information relates to other PAN/Year
- Information is duplicate/included in other information
- Information is denied

6. Click 'Submit' to send your feedback

Addressing Self-Assessment/Advance Tax Issues in 26AS

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

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Resolving TDS mismatches

For TDS discrepancies, Garima Tripathi suggests, "Inform your employer or deductor promptly. They should file a revised TDS return to rectify the discrepancy."

Don't wait until the last minute to review and correct your tax documents. Start the process well before the July 31, 2024 deadline to avoid potential complications and ensure compliance with tax regulations.

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