Income Tax- A lot of information related to the income tax payer is recorded in the Annual Information Statement (AIS). In this, more details are recorded than Form 26AS. This can be checked from the website of the Income Tax Department.
New Delhi. If you are an income tax payer and are checking your Annual Information Statement (AIS) only once a year before filing Income Tax Return, then you are making a mistake. You should check AIS every quarter. By doing this you will come to know about any wrong information entered in it. With this, you will have enough time to correct the wrongly entered information before filing ITR.
AIS is a tool or means that tells taxpayers about the information that is already with the Income Tax Department. All the financial transactions done by the income tax payer in a financial year are detailed in AIS. Apart from these, it also contains all the necessary information under the Income Tax Act, 1961. The Annual Information Statement contains the details of interest, dividend, transactions related to shares, mutual fund transactions and the amount received in the income tax payer’s account from abroad.
Finance Ministry’s advice – check every quarter
According to a Moneycontrol report, Kamlesh Varshney, Joint Secretary, Ministry of Finance, also advised income tax payers to check their AIS every quarter in a program. He said that taxpayers should not only check their AIS at the time of return filing but every quarter. With this, any wrong information related to taxpayer will be detected in time. Along with this, the person taking advantage of any kind of benefit wrongly can be caught immediately.
More details from Form 26AS
In AIS form, there are more details than in Form 26AS. In Form 26AS, only information about purchase of property, large investments and TDS/TCS transactions are recorded in a financial year. At the same time, AIS also contains many additional information including savings account interest, dividends, rental income, transactions related to purchase and sale of securities, money from abroad and GST turnover.
How to check AIS?
The Income Tax Department had provided the facility to check AIS on its website in November last year. Checking the Annual Information Statement is very easy. For this, the income tax payer will have to log in to the website of the Income Tax Department. After this, the Annual Information Statement will appear in the ‘Services’ tab on the e-filing portal. Click on it. Then the relevant financial year has to be selected to view the AIS. On doing this, the Annual Information Statement of the relevant financial year will appear in front of you. You can also download it.
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