New Delhi: The deadline for filing income tax returns (ITR) is upon us, which means that it is important to line up the required documents to ensure the accuracy of your tax return filing. The AIS is an important document for filing ITR. The full form of AIS is Annual Information Statement.
What is AIS?
The Annual information system (AIS) is the record of financial transactions carried out by an individual during a financial year. The AIS also details a taxpayer’s investments among other financial activities such as:
Interest
Dividend
Rent received
GST turnover
Foreign remittances
Real estate deals
Shares and MFs sold or purchased
AIS is divided into 2 parts.
Part A denotes general information such as:
PAN
Masked Aadhaar
Taxpayer’s name
Date of birth
Date of incorporation
Date of formation
Mobile number
Email address
Taxpayer’s address
Part B denotes details of tax deducted at source (TDS) and tax collected at source (TCS) as well as:
Statement of financial transactions (SFT)
Payment of taxes
Demand and refund
How to download AIS from income tax portal
To access AIS, visit the income tax e-filing portal.
Log in with your credentials
Click on the Annual Information Statement menu on the account dashboard
Click on ‘Proceed’
You will be redirected to the AIS portal
Click on AIS to view details
The AIS password is a combination of your PAN in lowercase and your date of birth in dd/mm/yyyy format
Reading and correction of AIS
While reading the AIS, verify the personal information contained for accuracy
Cross-check income tax details such as salary, interest income, dividends, as well as capital gains
Check TDS or TCS deductions or credits in AIS with the reported in Form 26AS
Taxpayers must also verify details of high-value transactions reported as well as advance tax filings
In case of any discrepancies reach out to the financial institution that reported a high-value transaction to rectify mistakes
Also, ensure that the PAN is accurately mentioned on the certificate issued by the TDS deductor
Difference between AIS and Form 26AS
Unlike Form 26AS, which is a record of major financial transactions, the AIS also records the taxpayer’s response to the transaction record, containing both reported as well as modified value of transactions, according to the Income Tax department.
ITR Filing 2024: AIS or Annual Information System is the statement of all your financial transactions along with your general details. You can compare AIS to Form 26AS and rectify any discrepancies before ITR filing. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
