What is the difference between AIS, TIS and Form 26AS?
Form 26AS is a statement of tax credits such as TDS and advance tax. AIS is a wider statement of information from banks, brokers, registrars and others, including interest, dividends and securities transactions. TIS is a summary of AIS used to compare with your return. We reconcile all three.
Is everything in AIS taxable?
No. AIS lists reported transactions, including some that are not taxable or are duplicates. Each entry must be examined. For example, a refund of a loan or a transfer between your own accounts is not income. We mark the taxable ones.
How do I give feedback on an AIS entry?
Log in to the AIS portal, select the entry, and choose a response such as 'information is not correct' with reasons. The reporter is asked to confirm, and the entry is updated. We submit the feedback with supporting documents.
What if I already filed without the AIS income?
File a revised return if the time has not passed, generally until 31 December of the assessment year, or an updated return afterwards with additional tax. The sooner it is corrected, the lower the cost. We compute both options.
What is the Non-filers Monitoring System notice?
It is a message to those who have high-value transactions but have not filed a return. You can respond on the compliance portal by filing the return or giving a reason. We respond and file the return if one is due.
Can a mismatch lead to a penalty?
A mismatch alone does not lead to a penalty, but under-reported income found in scrutiny can attract penalty under 270A. A prompt correction, usually through a revised or updated return, reduces the risk. We help you correct before a notice.
Is every income tax notice a sign of trouble?
No. Many notices are routine: an intimation under section 143(1) only reports the result of processing your return, and a mismatch alert asks you to confirm figures. Scrutiny under 143(2) and reassessment under 148 are more serious. What matters is reading the section and the date mentioned and replying in the portal before it lapses.
What happens if I ignore an income tax notice?
The assessing officer can pass a best-judgment assessment under section 144 on the information available, usually with a higher demand, and penalties can follow under section 271(1)(b). An ignored notice also does not make the demand go away. A timely, documented reply is almost always cheaper than a default assessment.
How long do I get to reply to a notice?
The reply date is printed on the notice or in the e-proceedings tab of the portal; it is commonly between 7 and 30 days from issue. If the deadline is too short, an extension can be requested through the portal with reasons. Send us the notice the day you receive it so the response is complete, not rushed.
