Title: A Step-by-Step Guide to Checking AIS in ITR
As the tax season approaches, it’s essential for individuals to ensure that their Income Tax Return (ITR) is accurate and complete. One crucial element of the ITR is the Annual Information Statement (AIS), which contains information about the taxpayer’s financial transactions. Verifying the AIS is essential to prevent any discrepancies or errors in the tax filing process. In this article, we will provide a step-by-step guide to checking the AIS in the ITR.
Step 1: Accessing the Income Tax Department’s Portal
The first step is to log in to the official website of the Income Tax Department of India. Upon successfully logging in, navigate to the ‘My Account’ section.
Step 2: Selecting the ‘View Form 26AS’ Option
Once in the ‘My Account’ section, select the ‘View Form 26AS’ option. Form 26AS is a consolidated tax statement that contains information about tax deducted at source (TDS), tax collected at source (TCS), advance tax paid, and refund details.
Step 3: Verification and Authentication
After choosing the ‘View Form 26AS’ option, the taxpayer will be redirected to the TRACES website. Here, they will need to select the appropriate assessment year and the format in which they want to view the form. Next, they will be required to select the ‘View/Verify Tax Credit’ option.
Step 4: Check the AIS
Upon selecting the ‘View/Verify Tax Credit’ option, the taxpayer will be able to verify the AIS. This statement provides insights into various financial transactions that have been reported to the Income Tax Department. These transactions include salary income, interest income, dividends, and other income sources.
Step 5: Verifying the Details
After accessing the AIS, the taxpayer should carefully review the information contained in the statement. It is essential to ensure that the details match the taxpayer’s own records and that there are no discrepancies or errors in the reported transactions.
Step 6: Taking Corrective Actions (if Necessary)
If the taxpayer identifies any discrepancies in the AIS, they should take immediate steps to rectify the errors. This may involve communicating with the relevant financial institutions or employers to ensure that the correct information is reported to the tax authorities.
Step 7: Filing the ITR
Once the AIS has been verified and any discrepancies have been addressed, the taxpayer can proceed with filing their Income Tax Return using the accurate information.
In conclusion, checking the AIS in the ITR is a crucial step in the tax filing process. By following the step-by-step guide outlined in this article, taxpayers can ensure the accuracy and completeness of their tax return, thereby avoiding potential issues with the tax authorities. It is recommended that taxpayers review their AIS regularly to stay informed about their financial transactions and to maintain compliance with tax laws and regulations.
