New Delhi, July 30 -- Many taxpayers assume that income on which TDS has already been paid, or long-term capital gains (LTCG) of up to Rs.1.25 lakh, need not be reported in their Income Tax Return (ITR).

However, such assumptions can create mismatches between the Income Tax Department's records and the taxpayer's return, thereby increasing the chances of notices or adjustments.

According to Siddharth Maurya, Managing Director, Vibhavangal Anukulkara Pvt. Ltd., taxpayers should treat the Annual Information Statement (AIS) as a reconciliation tool rather than merely a reference document.

Every income item reflected in AIS, Form 26AS and the Taxpayer Information Summary (TIS) should be verified against personal records before filing the r...