Filing your Income Tax Return (ITR) on time is important, but filing it correctly is even more crucial. A small mistake can delay your refund or lead to notices from the tax department. If you want smooth processing and a quick refund, take a few extra minutes to check some key documents before submitting your return.
Why Timely and Accurate ITR Filing Matters
The last date to file your ITR is July 31. Filing after the deadline can lead to penalties or interest on unpaid tax. But even if you file on time, any mismatch or missing detail can delay the process. That’s why accuracy is just as important as timeliness.
Form 26AS: Your Annual Tax Summary
Form 26AS is your tax summary for the year. It includes all the tax deducted (TDS), advance tax paid, self-assessment tax, and any refunds issued. This form is linked to your PAN and can be downloaded from the income tax website. Always review this form before filing, as it reflects your actual tax payments.
High-Value Transactions to Watch Out For in Form 26AS
This form doesn’t just show tax details. It also records large transactions, like high insurance premiums, big donations, property tax payments, and educational fees. If these details are missing or don’t match your return, the system may flag your filing for review.
Why Matching TDS Details Is Crucial
Any mismatch between the TDS mentioned in your ITR and the one in Form 26AS can create problems. Even a small difference can put your return under review, which slows down the refund process. Always match the TDS numbers before finalizing your return.
Annual Information Statement (AIS): A Snapshot of Your Finances
AIS is another important document. Introduced in 2021, it shows a complete picture of your financial activities—like interest income, salary, mutual fund investments, and share market transactions. You can download it from the official income tax website.
What Part A and Part B of AIS Reveal
AIS has two sections. Part A shows basic personal information—PAN, Aadhaar, contact details, etc. Part B includes all technical financial data. Review both carefully. If anything looks unfamiliar or incorrect, fix it before filing. This ensures your return is processed quickly and your refund reaches you without delay.
Final Review: Prevent Errors, Speed Up Your Refund
Before hitting “submit” on your ITR, take a few minutes to verify all details. Match Form 26AS and AIS with your return—ensure income, TDS, and major transactions align. Even minor mistakes can cause major delays. An accurate return gets processed faster, helping your refund arrive sooner and hassle-free. A quick review now can save weeks later.