New Delhi, July 12 -- The Annual Information Statement (AIS) has become the starting point for filing an income tax return (ITR). The AIS captures all the income and transactions related information of a taxpayer in a given financial year reported by the employer, banks, brokers, mutual funds and other financial institutions-everything that is reported in Form 26AS, Tax Deducted at Source (TDS) certificates, Form 16A and much more. However, it is still not the single source of information that can be used to file ITR.

"It is saddled with errors and is even missing some incomes, like SGB (Sovereign Gold Bond) interest, SSY (Sukanya Samriddhi Yojana) and in some cases, accrued annual interest from FDs (fixed deposits)," pointed out Bhawna ...