Every year when it is time to file Income Tax Returns (ITR), many taxpayers file their returns in a hurry! But if you don’t want a notice from the Income Tax Department or your tax refund to get stuck, before filing ITR, definitely check Form 26AS and Annual Information Statement (AIS).
Both these documents provide complete disclosure of your financial activities and are extremely important for the correct filing of ITR. In this article, we will tell you what these documents are, why they are important, and how you can avoid future troubles by checking them.
What is Form 26AS
Form 26AS is a tax credit statement that shows how much tax has been deducted from your PAN and how much tax has been deposited. It includes information like salary, bank interest, property purchase, and mutual fund investment. If any TDS (Tax Deducted at Source) entry is missed, you may have trouble getting a tax credit.
Therefore, before filing the return, it is important to ensure that all entries are entered correctly. Form 26AS tells you from which sources tax has been deducted on your behalf and whether it has been deposited in the government treasury or not. It is an essential tool for transparency of your financial records.
Blueprint of your entire financial profile
AIS is a detailed document that gives more information than Form 26AS. It includes information like interest received from the bank, dividend, purchase and sale of shares and mutual funds, rent, foreign transactions, and credit card expenses. AIS is a blueprint of your entire financial profile which is available with the tax department.
If you have not filled any information in your ITR but it is recorded in AIS, then later you may get a notice from the Income Tax Department. Therefore, it is very important to check AIS and if any discrepancy is noticed, give feedback on the portal. AIS ensures that all your financial transactions are in the knowledge of the tax department, and any mismatch can lead to a big problem.
When can ITR be filed
The last date to file ITR for assessment year 2025-26 is July 31, 2025 (in non-audit cases). Though the forms are not fully updated yet, you can still start your preparation by checking Form 26AS and AIS. Checking Form 26AS and AIS is a small but very important step. This will not only keep your returns correct but can also avoid problems like delays in tax refunds and notices. Timely preparation will save you from unnecessary stress.