What is Annual Information Statement: The Annual Information Statement (AIS) will contain the details of all the financial transactions done during the year of the taxpayer.
Annual Information Statement: The Income Tax Department has introduced a new tool – Annual Information Statement (AIS) for taxpayers. This statement will contain the details of all the financial transactions done during the year of the taxpayer. Till now, the Income Tax Department has been issuing Form 26AS to provide information related to taxable income and TDS (Tax Deducted at Source).
Now you will get more detail information in AIS. For example, it will have details ranging from savings interest to all mutual fund transactions. There is a big step towards making Income Tax Return (ITR) filing easier. AIS service has started from 1st November.
Will Form 26AS expire?
Taxpayers will now have both Form 26AS and AIS. Both can be taken together. Compare with Form 26AS, in AIS you will get detailed information about all types of transactions. In this, you will include many information including interest deposited in the savings account, mutual fund (MF) transactions done during the year. AIS is more detailed than Form 26AS and contains all the data that is with the Income Tax Department. This will be very helpful in filing Income Tax Return, as your complete details will be in one place.
These details will be included in AIS
1. Share Transaction
2. Insurance
3. Credit Cards
4. Property Purchase
5. Mutual Funds
6. Salary or Business Income
7. Dividends
8. Interest on Savings Account or Deposit
Download AIS like this
- First of all open the Income Tax website http://incometax.gov.in.
- Login to the ITR filing portal using PAN/Aadhaar and Password.
- After that go to the ‘Services’ section at the top.
- Here a new tab will have two options on the left- Tax Information Summary (TIS) and AIS in the right. (Both are same. TIS will have summary, while AIS will have its complete details)
- Click on ‘Annual Information Statement (AIS)’.
- After this, click on ‘Proceed’.
- Now you have to tap on Download.
- Here you can choose the option of PDF or JSON and then download.
- PDF will be password protected. Your password is PAN (in CAPITAL) + your date of birth (DDMMYYYY).
Return filing made easy
Finance Minister Nirmala Sitharaman had said in the Budget 2021 speech that to further simplify ITR filing, information such as capital gains from listed shares, dividend income and interest from banks and post offices is already in the income tax return. Will get loaded. As of now, the details of income from salary, tax payment and TDS are already available in Form 26AS available on TRACES portal.
AIS will prove to be very important while filing returns. After removing the duplicate information, the information will be given in AIS. Taxpayers can download such information in PDF, JSON, CSV format. If there is any mistake in the information received through this or it pertains to any other person/year or it is duplicate, then taxpayers can submit feedback online.
