Essential steps for income tax return filing: Review your annual information statement (AIS) first

As the deadline for filing income tax returns for the financial year 2023-24 approaches, taxpayers are advised to meticulously review their Annual Information Statement (AIS) to avoid discrepancies and potential notices from the income tax department.

Accessing Your AIS

Access the Income Tax Department's Website:

Visit www.incometax.gov.in.

Navigate to the 'AIS' tab on the homepage.

Downloading Your AIS:

Select the 'AIS' option after reviewing the instructions.

Download the statement using your PAN and birthdate as the password.

Importance of Reviewing AIS

Comprehensive Financial Transaction Details: The AIS provides a detailed summary of taxes deducted and paid, along with various financial transactions like income from investments, savings account interest, dividends, property transactions, foreign remittances, etc.

Avoid Non-Disclosure Notices: Failure to declare any income, such as earnings from share sales or mutual fund investments, can lead to receiving notices for non-disclosure when processing your tax returns.

Addressing Discrepancies

Grievance Redressal: If discrepancies are found in your AIS, utilize the built-in grievance redressal mechanism:

Log in to the income tax e-filing portal.

Verify the information in your AIS and provide feedback if errors are detected.

Use the 'Bulk feedback' option to dispute specific transactions with incorrect data.

Select the appropriate grounds for complaints and submit your feedback for resolution.

By thoroughly reviewing your AIS before filing your income tax return, you ensure accurate reporting of all financial transactions, thereby avoiding penalties and facilitating a smooth tax filing process. This proactive approach not only aligns with regulatory requirements but also safeguards against potential compliance issues with the income tax department.