ITR Filing: Before Filing your Income Tax Return, Know the Difference Between AIS and Form 26AS

 Before filing your income tax return, Know the difference between AIS and Form 26AS

Form 26AS vs AIS: Before the introduction of AIS, most of the details were available in the taxpayer’s Form 26AS. AIS shows details of property purchases and TDS/TCS transactions, among others, carried out during the fiscal year.

Income Tax Return

In 2021, the income tax department introduced the Annual Information Statement (AIS) on the Compliance Portal. This statement gives taxpayers a full overview of their financial transactions throughout the year. The main purpose of this initiative is to simplify the process of filing tax returns, promote voluntary compliance, and discourage any non-compliance.

Additionally, the Annual Information Statement (AIS) allows taxpayers to easily keep track of important details such as tax refunds, TDS or TCS (Tax Deducted at Source or Tax Collected at Source), interests, mutual fund transactions, international remittances, tax payments, share transactions, and more.

Moreover, the reported data has been carefully checked and duplicate entries have been removed. Taxpayers have the option to access the AIS data in PDF, JSON, and CSV formats.

It’s important to note that the Annual Information Statement (AIS) provides more information than Form 26AS. It is advisable to compare your Income Tax Return (ITR) with the AIS to prevent any mistakes in reporting your income. Additionally, taxpayers have the option to provide feedback on the AIS information through the online platform.

How to check AIS form

Step 1: Log in to URL https://www.incometax.gov.in/

Step 2: Select “Annual Information Statement (AIS)” under the “Services” category from the e-filing portal after successful login on the e-filing portal.

Step 3: Click on the AIS tab, on the homepage.

Step 4: Select the relevant FY and click on AIS tile to view the Annual Information Statement.

PART A- General Information

Permanent Account Number (PAN), masked Aadhar number, name of the taxpayer, date of birth, incorporation date, formation, mobile number, e-mail address, and taxpayer address are just a few of the general details about you that are displayed in Part-A.

PART- B

TDS/TCS Information: This page displays information on tax that was deducted or collected at the source. The TDS/TCS information code, information description, and information value are displayed.

SFT Information: Information obtained from reporting entities under the Statement of Financial Transaction (SFT) is shown under this heading. It is possible to get the SFT code, Information description, and Information value.

Payment of Taxes: The information displayed relates to the payment of taxes under many headings, including advance tax and self-assessment tax.

Demand and Refund: You will be able to view the details of the demand raised and refund initiated (AY and amount) during a financial year.

Other Information: The income tax website displays information from different sources, such as Annexure II salary, interest on refunds, outward foreign remittance, and purchase of foreign currency. These details are available for viewing in the Annual Information Statement (AIS)

Form 26AS

Form 26AS shows important financial transactions and additional details like foreign remittances, off-market transactions, and mutual fund purchases. It also includes information about taxes deducted and deposited for an individual’s PAN during a financial year.

Taxpayers can access Form 26AS, which is a consolidated tax statement, from the income tax department website by using their PAN.

How to download Form 26AS?

1: Go to Income tax website

2: Select the e-file menu. Select Income tax Return

3: Click ‘View Form 26AS’

What is the Difference between AIS and Form 26AS?

AIS is like an expanded version of Form 26AS. While Form 26AS shows information about property purchases, large investments, and TDS/TCS transactions made in the financial year, AIS goes further by including details such as interest earned on savings accounts, dividends, rental income, buying and selling of securities or properties, foreign remittances, interest on deposits, and GST turnover, according to the income tax website.

The Annual Information Statement (AIS) not only allows taxpayers to provide feedback on the reported transactions but also includes the aggregation of transactions at the information source level, which is also reported in the Tax Information System (TIS).

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