New Delhi, July 18 -- It's that time of the year when you sit down with your financial documents to file your income tax returns. Tax filing has certainly become much simpler, especially if you don't have multiple sources of income. Much of your financial footprint is now available in one place: the Annual Information Statement (AIS).

This document captures income and financial transactions reported by employers, banks, brokers, mutual funds and other institutions. It consolidates information from Form 26AS, TDS certificates, Form 16A and other reported transactions, making it a useful starting point once you have identified the correct income tax return (ITR) form.

But, experts caution against relying solely on the AIS. The statement i...