Don’t get a tax notice this year! Before you file your ITR, a quick check of your Annual Information Statement (AIS) is essential. The Income Tax Department is using AI and analytics to cross-verify your declared income with the data in your AIS, so any mismatch could lead to a penalty. What is AIS? AIS … Read more
Got an income tax notice after filing your return? Don’t panic! While it can be unsettling, it’s often a routine matter that can be resolved with a few simple steps. The digital nature of today’s tax system means even a minor discrepancy can trigger an automatic alert. Here’s what to check and do next: 1. … Read more
In India, a recent case highlighted a significant issue with the Annual Information Statement (AIS): duplicate reporting of income. A tax professional discovered that a client’s AIS showed ₹4.1 lakh in interest income, while the actual amount was only ₹2.2 lakh. This was due to the same income being reported twice from different sources. Such … Read more
Received an income tax notice after filing your ITR? Don’t panic! While unsettling, it often doesn’t signal major trouble. With tax data now digitized, even minor mismatches between your return and records like Form 26AS or Annual Information Statement (AIS) can trigger an automated notice. These are frequently just requests for information or intimations of … Read more
Annual Information Statement (AIS) before filing your Income Tax Return (ITR) isn’t just a suggestion anymore – it’s a crucial step for a smooth tax season. The Income Tax Department is cracking down, and even small mismatches between your declared income and their records can lead to big headaches. Why the AIS is Your Best … Read more
Joint Mutual Fund Holdings & AIS Discrepancies: What a Housewife Should Do Scenario: Mr. A and Mrs. A hold mutual funds jointly. Mr. A regularly invests from his savings and files his income tax returns. Mrs. A is a housewife, and her income is below the taxable limit, so she doesn’t file an ITR. However, … Read more
Don’t Miss This: Your AIS is Key to a Smooth ITR Filing 2025! The deadline for filing your Income Tax Return (ITR) for Financial Year (FY) 2024-25 (Assessment Year (AY) 2025-26) is now September 15, 2025 – an extension from the usual July 31st. This gives you extra time to ensure your e-filing is accurate, … Read more
Don’t Let AIS Discrepancies Derail Your ITR: Fix Them Now to Avoid Penalties! Taxpayers, listen up! As you prepare to file your Income Tax Return (ITR) for Assessment Year 2025-26, a crucial step often overlooked is reviewing your Annual Information Statement (AIS). Ignoring errors or mismatches in your AIS can lead to unwelcome income tax … Read more
Found a discrepancy in your Annual Information Statement (AIS)? The Income Tax Department has a straightforward solution to help you fix it before you file your Income Tax Return (ITR) for Assessment Year (AY) 2025-26. Many taxpayers are encountering issues with their AIS, and the good news is, you’re not alone, and there’s a clear … Read more
Is Form 16 enough for filing your Income Tax Return (ITR) this year (Assessment Year 2025-26 / Financial Year 2024-25)? The short answer is no. While Form 16 from your employer is a crucial document, it only tells part of your financial story. What Form 16 Covers (and Doesn’t): Form 16 is essentially your employer’s … Read more