If you are a tax payer, then you must be busy completing the process of filing income tax return for the financial year 2024-25. Before income tax return, it is important that you know some things, only then you will be able to fill it correctly with all the information. Along with this, you should also know about all those forms which are related to it. In this, apart from your own salary and income related information, detailed information is required. In such a situation, today we are going to tell you about those three forms which taxpayers should know, these are - Form 16, Annual Information Statement (AIS) and Form 26AS.

First of all, let's talk about what is Form 16?

Form 16 is given by the employer company after the end of every financial year on or before 15 June. It contains a detailed account of how much amount came into the account as salary and how much was deducted as TDS during the entire financial year. It is also a proof of how much amount has been given to the government as TDS by the employer company.

Form 16 has two parts, one A and the other B. Form A contains only information about TDS. Whereas part B contains complete details of the complete break up of salary, deductions and net taxable income. Form 16 is mandatory for every salaried person. In this, you have to ensure that the complete information about the income has been given correctly and there should not be any kind of mismatch while filling the form.

What is Form 26AS

Now let's talk about Form 26 AS. This form is also known as Tax Credit Statement. On this form, complete details of the bank and the company are given along with the income and expenditure. All the information deducted as tax in the whole year is inside the form. This includes TDS deducted from salary, interest on income, sale of property, advance tax payment and assessment tax. This Form 26AS helps in calculating tax. Through this you can also check whether the tax deducted by you has been deposited in the government account on time or not.

What is AIS

AIS i.e. Annual Statement Statement was launched by the Income Tax Department in the year 2021. It contains complete information about the account activity throughout the year. It contains information about your various sources like wages, interest, dividends, mutual fund transactions, securities, high transactions etc. This can be done using the Income Tax e-filing portal and Assist Manager to ensure proper reconciliation of your income. If there is any mismatch between your ITR and AIS, then you may be asked questions by the Income Tax Department.