New Delhi: As the income tax return (ITR) filing season for assessment year 2026–27 gets underway, tax experts are urging taxpayers not to rush through the process without verifying key financial documents such as the Annual Information Statement (AIS) and Form 26AS.

While many salaried individuals depend largely on employer-issued statements to file their returns, professionals warn that overlooking AIS and Form 26AS could result in mismatches, delayed refunds or even tax notices from the Income Tax Department.

With the deadline for filing returns for financial year 2025–26 set as 31 July 2026, unless extended, experts say careful cross-verification of financial data has become more important than ever.

Why AIS and Form 26AS are crucial

Traditionally, salaried taxpayers have relied on Form 16 to file their returns. However, experts point out that this document alone does not capture the complete financial picture.

AIS and Form 26AS provide a comprehensive record of a taxpayer’s financial activities. These include income earned, taxes deducted, investments made and high-value transactions reported by various institutions such as employers, banks and brokerage firms.

If the details declared in an ITR do not match the data available in these records, it may raise red flags in the system, potentially leading to scrutiny or processing delays.

Tax professionals emphasise that even minor discrepancies—such as unreported interest income or incorrect tax credits—can create complications during return processing.

Form 130 replaces Form 16

A major change this year is the introduction of Form 130, which replaces the widely used Form 16 from 1 April 2026 under the revised Income-tax Rules.

Form 130 is expected to provide a more detailed breakdown of salary income and tax deductions. It includes employer and employee information, a summary of earnings, and a clearer calculation of taxable income.

Despite this improvement, experts advise taxpayers not to rely solely on employer-issued documents. Cross-checking details with AIS and Form 26AS remains essential to ensure accuracy and completeness.

What is AIS and what does it show?

The Annual Information Statement (AIS) is a detailed financial record available on the income tax portal. It goes beyond Form 26AS by offering a wider view of a taxpayer’s financial transactions.

For salaried individuals, AIS may include salary income, pension receipts, savings account interest, fixed deposit interest, dividend income, capital gains, rental income and foreign remittances.

It also captures high-value transactions, tax payments made through challans, and specified financial transactions reported by financial institutions.

One of the key features of AIS is the ability to provide feedback. Taxpayers can flag incorrect entries, duplicate transactions or discrepancies directly on the portal. Once verified, the corrections are reflected in the Taxpayer Information Summary (TIS).

Key checks salaried taxpayers should make

Before filing returns, experts recommend carefully comparing AIS data with personal financial records such as salary slips, bank statements and investment documents.

For instance, small amounts of interest earned from savings accounts or fixed deposits are often overlooked by taxpayers but are usually reflected in AIS. Similarly, stock market and mutual fund transactions may appear in gross terms, which can differ from how individuals track their investments.

Taxpayers should also verify details related to tax deducted at source (TDS), dividend income, rental income and overseas transactions to ensure consistency across documents.

Failing to report such income accurately may not only delay refunds but also increase the chances of receiving notices from the tax department.

Understanding Form 26AS

Form 26AS acts as a consolidated tax passbook linked to a taxpayer’s PAN. It records all taxes deducted and deposited on behalf of the individual.

This includes TDS deducted by employers, TDS on bank interest, tax collected at source (TCS), self-assessment tax payments and details of any refunds received.

In addition, Form 26AS may include information about high-value transactions, property-related tax deductions and ongoing or completed tax proceedings.

Ensuring that the TDS figures in Form 26AS match those in salary records and bank statements is a critical step before filing returns.

Avoiding common filing mistakes

Experts note that many filing errors occur simply because taxpayers rush through the process without proper verification. Even a minor mismatch between declared income and official records can lead to complications.

Taking a few extra minutes to review AIS and Form 26AS can help taxpayers avoid unnecessary hassles such as correction requests, delayed refunds or compliance notices.

Conclusion

As the ITR filing season progresses, taxpayers are being reminded that accuracy is just as important as timely submission. While new formats like Form 130 aim to simplify the process, they do not eliminate the need for due diligence.

Before filing your return, it is essential to ensure that your financial disclosures match the information already available with the Income Tax Department. A careful review of AIS and Form 26AS can go a long way in ensuring a smooth and hassle-free tax filing experience.