Income Tax Return: According to the information received from the Income Tax Department, till now half of the taxpayers have not filed their returns as compared to last year.
Now the time is also less and due to increase in the load on the website, it will be difficult to file. In such a situation, mistakes will also happen due to haste. This mistake also includes matching of Form 26AS and AIS figures. Matching it is very important. If found wrong, the return will be rejected.
New Delhi. This is the last month for filing Income Tax Return (ITR). Only 14 more days are left from today to file returns. If compared with the last time, till now only half the people have filed their income tax return. It is obvious that the rest of the people will complete this work in a hurry due to less time. Many mistakes are also made in this haste. Especially the employed people feel that the return will be filled only through Form 16. But, now many changes have taken place and the government has made it necessary to match Form 26AS and Annual Income Statement ie AIS.
Now 26AS and AIS are also required while filing returns. You will get both these forms from the website of the Income Tax Department. You can guess the importance of both these documents from the fact that if the matching of the figures of both is not correct then the return can be rejected. Such taxpayer will have to file revised return again. The department has made it clear that both the forms are required to file the return. Taxpayers’ TDS and TCS information will now be in 26AS and all other information is given in AIS.
What is the difference between the two forms
The Income Tax Department has been using Form 26AS for a long time, but the use of AIS has started soon. In 26AS, where there are details of tax paid and transactions during a financial year. At the same time, AIS includes 46 types of information including income, interest, dividend, long term profit and refund through different means throughout the year, apart from the tax paid by you.
Which of the two is more correct
The Income Tax Department says that if any detail of your tax payment is different in 26AS and AIS, then in such a situation, 26AS will be considered correct under the old system. The department says that AIS has just been started, in which continuous improvements are being made. Therefore, in case of any mismatch, only 26AS will be considered as true. By the way, the Income Tax Department claims that there is very little chance of difference between the two forms, because the information is constantly updated.
What to do if there is a fault in AIS
Tax expert says that wrong details have been found in the AIS form of many taxpayers. If this happens then it is necessary for the taxpayer to keep a valid document of his financial transaction. Taxpayers can make corrections in their Form AIS through these documents. For this, go to the AIS section on the portal of the Income Tax Department and by clicking on the detail, you can inform the department through feedback, which will improve.
How to make corrections in Form 26AS
If there is any discrepancy in the taxpayer’s Form 26AS, then taxpayers should contact their employer or other TDS deducting institutions and ask for correction. Along with this, income tax return can also be improved through your CA. The taxpayer will also have to present the documents of the transaction for this.
