*******Don’t File Your ITR Without Reconciling AIS &; TIS — Here’s Why?

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Clipped from: https://taxguru.in/income-tax/donaet-file-itr-reconciling-ais-tis-aehereaes-why.html

Introduction

It’s ITR season again, and many taxpayers are logging in to find something new on their Income Tax portal — AIS (Annual Information Statement) and TIS (Taxpayer Information Summary).

If you’re still relying only on Form 26AS to file your return, it’s time to update your approach.

The Income Tax Department now tracks a lot more than just your TDS — including savings interest, dividends, mutual fund transactions, credit card spending, and even foreign remittances.

This article breaks down what AIS and TIS really are, why they matter, and how you should deal with them before filing your return

What Is AIS?

AIS is a detailed statement that shows your financial activity for the year. It includes:

  • Bank interest (savings and FDs)
  • Dividend income
  • Mutual fund transactions
  • Stock trades
  • Credit card bills
  • Property purchases
  • TDS/TCS data
  • Foreign remittances, etc

What Is AIS?

AIS is a detailed statement that shows your financial activity for the year. It includes:

  • Bank interest (savings and FDs)
  • Dividend income
  • Mutual fund transactions
  • Stock trades
  • Credit card bills
  • Property purchases
  • TDS/TCS data
  • Foreign remittances, etc

What Is AIS?

AIS is a detailed statement that shows your financial activity for the year. It includes details of bank interests, dividend and mutual fund incomes, trading of securities, sale purchase of immovable properties, credit card payments, sale purchase from gst returns, demands and refunds and taxes paid during the year.

What is TIS?

TIS is a summary version of the AIS.

So, if your AIS and TIS show something you didn’t include in your ITR, it could trigger a notice.

Why Should You Care?

Here’s the thing — many taxpayers don’t even check their AIS and end up underreporting income.

This is what leads to mismatch notices under Section 139(9) or even scrutiny later.

What You Should Do (Step-by-Step):

1. Download AIS and TIS from the portal before filing ITR.

2. Cross-check every item — interest, dividends, sales, TDS — with your records.

3. If something is wrong, use the ‘Feedback’ option to submit a correction. It takes just 2 minutes.

4. Make sure the auto-filled data in your ITR matches with what you earned.

5. Declare all income — even if TDS is not deducted on it.

Common Mistakes People Make:

  • Ignoring small interest amounts thinking “yeh toh chhota amount hai”
  • Reporting only TDS-related income and forgetting other heads
  • Not matching AIS data with their bank/passbook entries
  • Assuming capital gains are correct without checking the cost of acquisition

Final Thoughts

AIS and TIS are not just formalities. They are how the department sees your income picture. And they’re improving every year.

As a taxpayer or a tax professional, it’s now a best practice to reconcile AIS and TIS before every ITR filing.

It might seem like an extra step, but it can save you from a lot of trouble later.

Take 15 minutes. Check your AIS. File with confidence.

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