Income Tax Return: Many taxpayers are unable to differentiate between Form 26AS and AIS. Form 26AS contains information about TDS and TDS of taxpayers. Apart from this, there is also information about high value transactions. In comparison, AIS contains many additional information.
Have you checked your Annual Information Statement (AIS)? If not, then you should check it soon. Not checking AIS properly can cost you heavily. AIS contains complete information about the financial transactions of taxpayers. It can be downloaded from the e-filing website of the Income Tax Department. Let us know about this in detail.
Meaning of AIS
Annual Information Statement (AIS) contains information about salary, interest income from savings bank account and fixed account, dividend, stock and mutual fund transactions, foreign remittance and high value purchases. Many of these information are necessary for filing Income Tax Return. Taxpayers have to tell about these in the ITR form. This information is sometimes wrong. If the taxpayer has not checked this information before filing the return, then he can give wrong data in the ITR form.
Two parts of AIS
The information of taxpayers in AIS is in two parts. The first part contains general information. These include PAN, masked Aadhaar number, name of the taxpayer, date of birth, contact details etc. The second part contains information related to TDS / TCS. Information about interest income, dividend, income received from abroad etc. of taxpayers is in it. CBDT has notified 57 such types of income and expenses, whose information will be in AIS.
That is why it is necessary to check
Tax experts say that it is necessary for the taxpayer to check the information included in AIS properly. If he has doubts about any data, then he can tell the Income Tax Department about it. He can put a request to correct that data. If the taxpayer gives wrong information in the income tax form, then he can get a notice from the Income Tax Department. The Income Tax Department can ask him about any income or expenditure.
Difference between Form 26S and AIS
Many taxpayers are unable to differentiate between Form 26AS and AIS. Form 26AS contains information about the TDS and TDS of the taxpayers. Apart from this, there is also information about high value transactions. In comparison, AIS contains many additional information. Experts say that the taxpayer should download both from the e-filing website before filing the return. Then, they should be checked properly.
