Annual Information Statement: In order to keep an account of all the economic activities of the taxpayer, the government has launched Annual Information Statement (AIS). It can be called an extension of Form 26AS.
How Government Track Your Financial Transactions: If you think that there will be a ‘minor transaction’ of 50-60 thousand in your Savings Account and this information will not reach the Income Tax Department, then you are wrong. Now the government is not only tracking your big financial transactions but also the rent of two thousand rupees. For this, the Central Indirect Tax Board has issued the Annual Information Statement.
What is Annual Information Statement ?
Annual Information Statement is the document which contains the details of all the economic activities carried out by the taxpayer in the financial year. In the AIS, it is clearly mentioned that from which sources you have earned income and which are taxed. This statement not only contains the details of your big investments but also the small transactions in the savings account.
What is the difference between AIS and Form 26AS ?
According to the Income Tax Department, AIS is an extension of Form 26AS. Form 26AS contains details of property purchases, large value investments, TDS/TCS transactions, etc. made by the taxpayer in a financial year. At the same time, expanding the scope of these information, AIS has been issued by the government, in which the taxpayer gets interest on savings account, dividend, rent, purchase and sale of immovable property, purchase and sale of securities. The amount received from abroad, interest received on bank deposits, GST turnover etc. is also mentioned.
You can give your feedback in AIS
The specialty of AIS is that you can give your feedback (AIS Consolidated Feedback File) on the information mentioned in each category by logging in to the Income Tax Portal, such as information is wrong, information is correct, information is duplicate, information is given in any other PAN. related to, etc. Based on your feedback, your AIS will be revised again by the Income Tax Department. So when you file income tax return, definitely check your AIS form. If according to you, any information in it is wrong or half-incomplete, then inform the IT department through feedback. As soon as the AIS is updated, then file your income tax return based on that.
