Previously, one might simply discover particulars of earnings, tax deducted at supply (TDS), and so on., within the 26AS kind and this aided the submitting of earnings tax return (ITR). However, the tax division has now trifurcated the annual data assertion (AIS) into three sections—AIS, taxpayer data abstract (TIS) and assertion of monetary transaction (SFT). Sometimes, that is very complicated as all three sections can have totally different figures beneath a specific earnings head. How do I be sure that there are not any errors in submitting the ITR and keep away from attracting a tax discover?
—Dilip Saxena
Form 26AS is an annual tax assertion which primarily gives particulars of TDS, and tax collected at supply (TCS), together with the corresponding earnings towards which such deduction has been carried out. These are on the premise of the main points given by deductors or collectors of TDS or TCS within the statements filed by them. Further it additionally shows particulars of paid refunds, property purchases, excessive worth investments, and so on., throughout a monetary yr.
AIS gives a complete view of data for a taxpayer displayed in Form 26AS. In addition to data referring to TDS and TCS and corresponding earnings, the AIS contains SFT data (primarily based on data obtained from reporting entities) referring to curiosity on financial savings, deposits, dividend, lease obtained, buy and sale transactions of securities, mutual fund transactions, miscellaneous funds similar to bank cards, international remittances, tax funds, refunds and so on. Hence, there could also be further data in AIS, which will not be reflecting in your kind 26AS. In case of any deviation in quantities with the taxpayer’s precise data and transactions, a taxpayer can present suggestions on data displayed in AIS by the prescribed course of.
TIS is essentially a summarized model of data within the AIS that’s given class sensible similar to wage, curiosity, dividend, and so on.
The AIS kind specifies that in case of any variation within the TDS and TCS quantities between Form 26AS and AIS, the taxpayer could reply on data in 26AS for the tax returns. In case of any variation between the taxpayer’s monetary paperwork and Form 26AS and AIS or TIS, it’s advisable to offer on-line suggestions on the knowledge displayed in AIS, to reconcile the identical with the data. In case of deviation in kind 26AS from the taxpayer’s data, the deductor may additionally learn to make essential corrections of their filings.
For the aim of submitting of particular person tax return, one ought to at all times reconcile the information showing in Form 26AS, AIS and TIS with the person paperwork and data (similar to financial institution statements, portfolios, dealer statements, tax deduction certificates, and so on.). The tax return needs to be filed on the premise of all appropriate data and the monetary information obtainable with the taxpayer. In case of any queries raised by tax division, such paperwork can be required to clarify any queries or claims made within the tax return kind.
Parizad Sirwalla is companion and head, international mobility providers, tax, KPMG in India.
Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.
More
Less
Updated: 30 Jul 2023, 11:04 PM IST