22/07/2026
AIS/TIS is a Valuable Tool—but Not a Substitute for Professional Due Diligence
As the ITR filing season progresses, one important point deserves emphasis:
AIS/TIS should never be treated as the sole basis for preparing an Income Tax Return. It is a reporting tool, not a complete statement of all transactions that may require disclosure under the Income-tax Act.
Before finalising any return, every Chartered Accountant and tax professional should specifically verify the following with the client:
✔️ Intraday share trading transactions (speculative business).
✔️ Futures & Options (F&O) transactions (non-speculative business).
✔️ Purchase or sale of immovable property, including transactions below ₹30 lakh, which may not be reflected in AIS/TIS.
✔️ Cash deposits exceeding ₹10 lakh in Savings Bank Account(s) during the financial year.
✔️ Cash deposits exceeding ₹50 lakh in Current Account(s) during the financial year.
✔️ Foreign Assets requiring disclosure in the relevant ITR schedules.
✔️ Foreign Income and eligibility to claim relief under the applicable Double Taxation Avoidance Agreement (DTAA).
✔️ Cash payments towards Credit Card bills, wherever applicable.
Professional Reminder:
Many disclosures in the ITR are based on facts and statutory reporting requirements, not merely on what appears in AIS/TIS. Depending exclusively on AIS/TIS may result in incomplete reporting, notices, reassessment proceedings, or denial of legitimate claims.
A well-designed Pre-ITR Client Information Checklist remains one of the most effective risk management tools for every tax practice.
What additional checkpoints do you include in your ITR filing checklist? Share your experience in the comments.
