Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Salaried taxpayers should not use these forms blindly to file their income-tax returns.
Taxpayers must provide more details to support deduction and exemption claims.
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
With more granular reporting and enhanced data matching, mismatches are likely to be identified more quickly.
Deductions missed in Form 16 can still be claimed while filing ITR.
Tax treatment depends on the activity and manner of earning income.
The Indian government has informed the Lok Sabha that the income-tax return (ITR) e-filing portal is functioning in a 'largely stable and efficient manner' despite a significant increase in traffic during the peak filing season. However, it acknowledged transient technical issues and disclosed that contractual penalties have been imposed on Infosys for project delays and service-level agreement failures.
The simplified form will comprise details of taxpayers' mutual fund transactions, pending and completed income tax proceedings, status of income tax demand, besides tax deducted at source and tax collected at source. Form 26AS is an annual tax credit statement containing details of various taxes deducted on income.
Taxpayers should reconcile returns with AIS, Form 26AS and maintain all supporting records.
Income Tax department has introduced a new facility this financial year 2009-10 (AY 2010-11) for viewing your tax payments made it is called 'Tax Credit Statement' or PAN LEDGER or Form 26AS.
However, from April 1, 2026, transactional forms such as tax deducted at source statements, remittances, Form 60, and Form 15G/15H would operate under the new simplified framework.
From the financial year 2025-2026, the government has introduced a new column in the tax return form for presumptive taxpayers, requiring them to disclose their year-end investments. This requirement was not present last year.
'AIS helps taxpayers check whether all income streams and reportable transactions -- such as interest from old bank accounts, small dividend receipts or transactions across multiple brokers -- have been properly disclosed.' 'Mismatches between these transactions and declared income may trigger automated notices or scrutiny.'
Tata Motors' MD and CEO, Girish Wagh, has identified rising diesel prices as the most significant threat to India's commercial vehicle (CV) industry recovery, despite the sector recently surpassing its pre-FY19 wholesale peak. Diesel costs account for 25-50% of a truck operator's total cost of ownership, making any increase a critical concern for fleet economics.
The Reserve Bank of India's 2024 norms for the voluntary conversion of Small Finance Banks (SFBs) into universal banks, particularly the subjective 'diversified loan portfolio' criterion, are proving to be a significant hurdle, with Ujjivan SFB and Jana SFB having their applications returned.
India's auto retail sector achieved record-breaking sales of 2,96,71,064 units in FY26, a 13.3% increase, primarily driven by the implementation of GST 2.0 which reduced the tax burden on mass-segment vehicles, according to the Federation of Automobile Dealers Associations (FADA).
A recap of the action of the third week of IPL 2026.
Learn to track your ITR's progress and correct any errors.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
Filing a belated return is far better than not filing at all.
Taxpayers should consider ITR-U if they omitted income, wrongly claimed deductions or exemptions, or made reporting errors that led to a shortfall in tax payment.
Cross-check key documents, maximise your deductions, avoid errors, and ensure you get your refund smoothly.
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
While it is not clear whether the new form will be applicable from this year, some chartered accountants say that things can go both ways. The new deadline for filing ITR is November 30.
Mohun Bagan Super Giant vs East Bengal ISL derby on May 3 as per tentative schedule
Form 16 contains details of salary income, deductions, and exemptions.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
The income tax department will allow people to file 'belated return' until December 31.
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
As the Northeast monsoon intensified across Tamil Nadu, the regional weather office issued heavy rainfall alert to a number of districts. Chief Minister M K Stalin reviewed the situation and directed precautionary measures.
It is advisable to file your ITR right away and not rely on potential extensions.
rediffGURU T S Khurana answers readers' personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
ITRs with zero tax liability have increased to 55.7 million in FY25.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
