Income tax return: If you are going to file income tax returns which we are going to tell here how you should avoid mistakes made while filing tax returns, so that you do not get notice from the tax income tax department. Eminent tax expert Sharad Kohli is with us to give details of every small and big rules of tax. Tax Guru’s spectators know all the terms related to taxation well like Form 26AS and Form AIS. But many taxpayers do not understand the difference between these two, while the information comes in both of them and comes. Sharad Kohli has explained the difference between these two, which is very important to know.
Sharad Kohli said that Form 26AS traces are released through the portal. At the same time, AIS (Annual Information Statement) is available on the Income Tax Compliance Portal. Form 26AS provides details of TDS, TCS, Advance Tax, Self-Assessment Tax and refund. Whereas in AIS, along with all the details given in Form 26AS, bank interest, dividend, mutual fund transactions, stock trade, property deal and more are available.
Talking about the level of information given in these, there is a summer of tax related information in Form 26AS. At the same time, in the form AIS, detailed information and items based on various financial transactions are given. These are new and advanced systems. You can give feed back directly. This makes it possible to review and track financial transactions. It issues SFT. The AIS is updated when SFT is updated from the third party.
Form 26AS is mainly used to check whether the deducted tax is deposited in your account correctly. This is an old form. At the same time, AIS helps you review all major financial activities to ensure that nothing is left while filing ITR.
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Can you give feed back? The answer is that feed back cannot be given in Form 26AS. At the same time, if a transaction seems wrong in the case of AIS, then you can present feedback. Form 26AS is updated on TDS or tax payment reports. At the same time, AIS is updated more often and may change on the basis of your feedback.
Sharad said that before tax filing, the difference between these two forms should be understood well. Every information related to tax will be available in Form 26AS. AIS and 26AS have two pictures of tax data. Check tax data from AIS and 26AS before filing returns. Improve the wrong information given in AIS by feeding feedback. Give more priority to AIS, do not ignore it.