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Income Tax Return: Annual Information statement not checking properly, big mistake, income tax notice can come – Income Tax Return Taxpayers Should Chack All Information of Annual Information Statement OTheRWISE ANEREWISE ANEREWISE ANEREWISE ANEREWISE ANEREWISE ANREWISE

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Have you checked your Annual Information statement (AIS)? If not, you should check it soon. AIS may have to pay a huge price for not checking properly. AIS contains complete information about the financial transaction of taxpayers. It can be downloaded from the e-filing website of the Income Tax Department. Let’s know about this in detail.

Annual Information Statement (AIS) contains information about interest, saving bank account and fixed account with interest, dividend, stock and mutual fund transactions, foreign remedies and high value purchases. Many of these information is necessary to file income tax returns. Taxpayers have to tell about them in ITR form. These information is sometimes wrong. If the taxpayers have not checked these information before filing the return, then they can give wrong data in ITR form.

Tow parts of AIS

Taxpayers in AIS are in two parts. The first part has general information. These include PAN, masked Aadhaar number, taxpayer name, date of birth, contact details etc. The second part contains information related to TDS/TCS. In this, information about interest income, dividend, income received from abroad etc. is available to taxpayers. CBDT has notified 57 types of income and experiences, which will be known in AIS.

So it is necessary to check

Tax experts say that the taxpayer is required to check the information involved in AIS properly. If he suspects any data, he can tell the Income Tax Department about it. He can request a request to correct that data. If taxpayers give incorrect information in income tax form, then they may get notice of Income Tax Department. The Income Tax Department can ask him about an income or expense.

Difference between Form 26S and AIS

Many taxpayers are unable to differentiate between Form 26AS and AIS. Form 26AS contains information about TDS and TDS of taxpayers. Apart from this, high value transactions are also known. In comparison, there are many additional information in AIS. Experts say that the taxpayers should download both of them from the e-filing website before filing the return. Then, they should be checked properly.

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