Tax Tracking
Track deductions used so far and what your tax records show.
What it is
Tax tracking keeps a running record of your tax-relevant investments, expenses and tax already paid during the financial year, so there are no surprises when you submit proofs to your employer or file your return.
Who it may be useful for
- Salaried individuals who submit investment proofs to their employer.
- People with income or investments spread across several places.
- Anyone who wants to check the tax deducted against their PAN.
Whether it suits you depends on your own goals and circumstances.
Benefits
- Know how much of each deduction limit you have used.
- Find gaps while there is still time in the financial year.
- Fewer mismatches between your records and the tax department’s.
Things to consider
- Tracking shows your position. It does not replace filing your return.
- Form 26AS and AIS reflect what deductors have reported, which can contain errors or delays.
- The record is only as complete as the details you add.
How Sahi Savings helps
- Deduction tracking under Chapter VI-A of the Income Tax Act, 1961.
- Insights from your Form 26AS and AIS.
- A year-round view instead of a year-end scramble.
Steps
- Add your tax slab and regime.
- Record investments and expenses as you make them.
- Compare your records with Form 26AS and AIS.
Questions
What are Form 26AS and AIS?
Form 26AS is your annual tax credit statement. The Annual Information Statement (AIS) lists financial transactions reported against your PAN. Both are issued by the Income Tax Department.
How is this different from tax planning?
Planning looks ahead at what you could do. Tracking records what you have actually done and paid so far.
What if I find a mismatch?
Mismatches are corrected by the deductor or through the Income Tax Department’s feedback process. A Chartered Accountant can help.
Start tracking your tax in the app
Download the app, enter your basic details and set a passcode. Then add your tax regime and investments to see everything together.
