Annual Information Statement vs Form 26AS: Income Tax Department has launched a new feature – Annual Information Statement (AIS) for taxpayers. Through this, taxpayers will now be able to easily get information about all financial transactions done during the year. Till now, the Income Tax Department has been issuing Form 26AS to provide information related to Taxable Income and TDS (Tax Deducted at Source), but now this information will be easily available to you only through Annual Information Statement.
AIS will get more detailed information than 26AS
Compare with Form 26AS, in AIS you will get detailed information about all types of transactions. In this, you get many information including interest deposited in savings account, mutual fund (MF) transactions done during the year. CA Karan Batra, Founder and CEO, CharteredClub.com, said, “AIS is more detailed than Form 26AS and gives complete information about all the data that the Income Tax Department has.” Now before filing Income Tax Return it can be verified through AIS and in future notices issued by Income Tax Department can be avoided. In this way, filing income tax return with the help of AIS will become easier for the taxpayers.
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Gopal Bohra, Partner, NA Shah Associates said, “The new Annual Information Statement will provide taxpayers with complete information about their transactions. 26AS mainly provides information relating to TDS and TCS transactions, but through AIS in addition to taxpayer basic information, purchase or sale of immovable properties/securities, foreign remittances, mutual fund transactions, exchange of information under any other Information received by the tax department from the country and complete information related to payment of tax / demand / refund / pending proceedings / completed proceedings etc.
Taxpayers can also give online feedback
Bohra further said, “In this way, AIS will prove to be very important while filing the return. The information will be provided in AIS after removing the duplicate information. Taxpayers can download such information in PDF, JSON, CSV format. Taxpayers may submit feedback online if the information received through it is in error or pertains to any other person/year or is duplicate.
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How to download AIS
- First you need to login to the ITR filing portal with PAN/Aadhaar and Password.
- After you are logged in, you have to go to the ‘Services’ section at the top and click on ‘Annual Information Statement (AIS)’. After this, click on ‘Proceed’.
- After that you have to tap on Download.
- Here you can opt for PDF or JSON and then download.
- A password will be required to open the PDF that has been downloaded. Your password is PAN + your date of birth.
- Once you have entered your password, you can view all the details in your AIS. You can also upload an updated AIS using the same process.
(Article: Amitava Chakrabarty)
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