What is AIS in income tax return filing and how is it important for taxpayers?
Lets understand what is an Annual Information Statement and how is it important for taxpayers.Understanding the AIS
The Annual Information Statement (AIS) is a vital document introduced by the Income-Tax Department. It provides taxpayers with a detailed view of their financial transactions during the financial year, thereby ensuring greater transparency and ease in tax compliance.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
Budget with ET
Budget 2025: A CFO’s playbook for operational excellence and long-term growth
Rising Bharat may need to take center stage for India’s game-changing plans
Will Indian Railways accelerate to global standards with govt’s budgetary allocation?
How to download
Taxpayers can access their AIS through the Income-Tax Department’s e-filing portal by visiting https://www.incometax. gov.in and logging into the portal using their credentials. Once logged in, they can click on the ‘Services’ tab and select ‘Annual Information Statement’. AIS for the chosen financial year can be accessed and downloaded in PDF or JSON format.
Data in AIS
The AIS includes detailed information sourced from various entities like banks, employers and financial institutions. Key data points include:Income details: Salary, dividends, interest from savings accounts, fixed deposits and bonds.Tax payments: Details of TDS, TCS and advance tax payments.Investments: Transactions in mutual funds, equities and bonds.Other transactions: High-value purchases, foreign remittances and property transactions.
AIS during return filing
The AIS acts as a vital tool during the income-tax return filing. It enables taxpayers to reconcile their income from various sources. Taxpayers can verify income sources and match them with Form 16, Form 16A, or self-maintained records. This also allows taxpayers to spot any discrepancies in reported income or tax payments. Since AIS captures most of the income sources, it helps in avoiding omissions or under-reporting, which can minimise the risk of tax evasion or penalties.Content courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
This story originally appeared on: India Times - Author:Faqs of Insurances
