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Simply Save | Get discrepancies in Form 26AS rectified before proceeding to file income tax returns

As part of Moneycontrol’s income tax return-filing series, Preeti Kulkarni speaks to Mayur Shah of EY to understand why it is important to check and verify Form 26AS before you go ahead with your return-filing exercise.

August 02, 2022 / 02:57 PM IST

The due date for filing income tax return (ITR) for assessment year (AY) 2022-23 [financial year (FY) 2021-22] – July 31 – is fast approaching.

Individual tax-payers who have not filed their returns yet need to hurry up before it is too late. However, even before you start this process, you need to access the details in your Form 26AS as also the Annual Information Statement (AIS).

You need to ensure that the details of taxes deducted and certain high-value transactions such as cash deposited, fixed deposits, immovable property transactions and so on tally with your Form-16, bank account statements and other financial records. This is because any unresolved error or discrepancy can result in notice from the income tax department.