Tax Ka Totaka: Before filing ITR for FY 2024-25, it is important to know the difference between AIS and Form 26AS. AIS gives information about all your financial transactions, while Form 26AS shows only tax deductions and payments. Both the documents help in correct reporting of income, but there is a big difference in their objectives and sources.
Tax Ka Totaka: The process of filing Income Tax Return (ITR) for the financial year 2024-25 (assessment year 2025-26) has started. This time the last date has been fixed as 15 September 2025 instead of 31 July. An important document while filing ITR is the Annual Information Statement (AIS), which was introduced by the Income Tax Department a few years ago. Its purpose is to promote transparency and easy tax compliance.
What is AIS and how does it work?
AIS is a digital report that tracks your financial transactions throughout the year and ensures that you have declared the correct income. It gives you a chance to identify and rectify any discrepancies. AIS contains many financial transactions of the taxpayer.
- Interest received from bank
- Dividend Income
- Trading in Mutual Funds and Shares
- Foreign Transactions
- Credit card expenses, real estate transactions etc
This data is recorded in AIS even if there is no TDS (Tax Deducted at Source) or TCS (Tax Collected at Source). This makes this report a comprehensive picture of your total income. Taxpayers can view the AIS report by visiting the portal and can also give feedback on it. If there is any mistake, you can give a digital response, which the department considers and amends.
AIS Viewing Process
- To view AIS, please log in to https://www.incometax.gov.in.
- Go to the ‘Services’ section and click on ‘Annual Information Statement (AIS)’.
- Select the Financial Year of your choice.
- Download the report in PDF or JSON format.
What is Form 26AS?
Form 26AS is an old but very important document. It gives information about the taxes that have already been deducted on your income or you have paid yourself.
- TDS deducted from salary or other source
- TCS (Tax Collected at Source)
- Advance Tax and Self-Assessment Tax
- Refund Status
Its main purpose is to ensure that accurate tax credit is reflected in your account.
What is the difference between AIS and Form 26AS?
The main difference between AIS and Form 26AS is that AIS contains information on all types of financial transactions of the taxpayer such as interest, dividends, shares and foreign transactions, while Form 26AS provides details related to only TDS, TCS and tax payments. The data source of AIS are institutions like banks, mutual funds and stock exchanges, while the data of Form 26AS comes mainly from employers, banks and tax department. AIS allows the taxpayer to give feedback on the information reported, while Form 26AS does not provide this facility.
Most Read Articles:
- Passport making new rule: Good news! Passport making rule changed in this state, new facility started..
- SBI Recruitment 2025: Bumper vacancy for 2600 posts, salary get up to Rs 48,480/- know selection & others details
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
