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ITR Filing 2024: Here is how to correct discrepancies in AIS, TIS and 26AS

Here's a guide to identify and fix any discrepancies before you submit your ITR.

  • Shweta Singh
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  • Jul 17, 2024, 03:48 PM IST

Filing your Income Tax Return (ITR) accurately is essential. The deadline for filing returns for the financial year 2023-24 (assessment year 2024-25) is July 31, 2024. Missing this deadline can lead to penalties and interest charges. To avoid issues, it's important to ensure that the information in your Annual Information Statement (AIS), Taxpayer Information Summary (TIS), and Form 26AS matches up. Here's a guide to identify and fix any discrepancies before you submit your ITR.

 

 

1. Reconciling Financial Documents

Reconciling Financial Documents
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  • Download your AIS, TIS, and Form 26AS from the income tax e-filing portal to ensure you have the latest versions.
  • Cross-check details meticulously across all three documents, looking for discrepancies in income, TDS, and other tax-related information.
  • Pay close attention to income sources, TDS entries, and tax payments. Ensure all income reported by you is accurately reflected and check for any omitted or double-counted income.

2. Verifying TDS and Tax Credits

Verifying TDS and Tax Credits
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  • Make sure that the amounts mentioned for TDS and tax credits in Form 26AS match your records.
  • Cross-verify with your Form 16/16A provided by your employer or deductor to ensure accuracy.
  • If there are discrepancies, request the deductor to revise the TDS return and ensure that your PAN is correctly stated.

3. Addressing Common Issues

Addressing Common Issues
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  • Mismatch in Income: Verify with your employer or financial institution if there are differences in reported income sources. Ensure all salary, interest, and other income details are correctly reported.
  • Incorrect TDS Entries: Request the deductor to revise the TDS return for any incorrect TDS entries due to errors in PAN details or TDS filings. Ensure your Form 16/16A correctly mentions TDS amounts.
  • Fraudulent Entries: Correct any fraudulent entries through the feedback option in the AIS/TIS section of the income tax portal. Report any unauthorized use of your PAN immediately.

4. Reporting Missing or Incorrect Transactions

Reporting Missing or Incorrect Transactions
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  • Report any missing or incorrect transactions through the feedback option in the AIS/TIS section of the Income Tax portal.
  • Ensure that updated information is reflected across all documents. Verify all financial transactions reported by banks, mutual funds, and other financial institutions.

5. Additional Tips for Accurate ITR Filing

Additional Tips for Accurate ITR Filing
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  • Regularly update your personal and financial information on the income tax portal to avoid discrepancies.
  • Consider seeking professional assistance if the reconciliation process is challenging. A tax professional can provide expert guidance and ensure accurate filing.
  • File your ITR well before the deadline to avoid last-minute rush and errors, giving you time to resolve any discrepancies.
  • Keep all supporting documents, such as Form 16/16A, interest certificates, and investment proofs, handy for verification and accurate reporting.

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