Should Taxpayers file Income Tax Returns if TDS or Transaction details during FY are not matching in Form 16, 26AS and AIS / TIS?

Every Taxpayer who will file Income Tax returns should ensure there is no mismatch between actual income/ transactions with 26AS Statements/ AIS or TIS and reconcile before uploading or filing tax returns

Ideally, everyone should aim to reconcile by 30 June and raise concerns with opp parties like Banks or Fin Institutions who have reported wrong transactions.

Following needs to check by all tax filers

26AS statement of TDS – with actual income from salary, interest, capital gain from shares & MF, other income etc

AIS & TIS Statement – with all high-value transactions, sale or purchase of property, rent received, foreign remittances, interest on deposits, GST turnover etc

Once your rectification is done, then only file your Tax Returns to avoid defective notice by Income Tax Department.

Our Office has not yet filed a single tax return, as first, we need to ensure all stakeholders’ data is correctly reflected and reconciled. Don’t be in a rush to file tax returns. Ensure you file your returns accurately and with the correct data based on 26AS, AIS & TIS.

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