Income Tax: If you are an income taxpayer, it is important to check some important documents every quarter for the ease of filing ITR (Income Tax Return). These include your Form 16, bank statement, investment certificate, and TDS statement. Check them properly so that you do not face any kind of problem. All these documents will help in filing your tax return correctly.
Income Tax :If you are an income taxpayer, it is very important to check the Annual Information Statement (AIS) quarterly. This is an important document, which gives complete information about your financial transactions and helps you to ensure that all the details are correct while filing Income Tax Return (ITR). Many times taxpayers face problems due to incorrect information entered in AIS, and it also takes time to correct it. Therefore, check this information every quarter so that there is an opportunity to correct any error in time before filing ITR. Checking the AIS gives you a chance to ensure that the financial transactions you have made have been recorded correctly, and you will not face any problem in filing income tax returns.
What information is there in AIS?
Annual Information Statement (AIS) contains details of all the financial transactions made during that financial year. It usually contains various types of information, which may be important for your income tax return. This information includes:
- Interest: Information about the interest you have received from banks or financial institutions.
- Dividend: Information about the dividend you have received, whether it is from stocks, mutual funds or other sources.
Transactions related to shares: Information about purchases and sales made in the stock market, which comes under STT (Security Transaction Tax). - Mutual fund transactions: Information about investments made in mutual funds and its profit and loss.
- Amount received in the account from abroad: Any amount received in your account from abroad, whether it is income or transferred for any other purpose.
- Rental Income: If you have a tenant, then the details of the rent received from him.
- Purchase and Sale of Securities: Details of the securities bought and sold by you.
- GST Turnover: If you are registered under GST, then your GST turnover is also recorded in AIS.
All the information included in it is required under the Income Tax Act, 1961 and is recognized by the Income Tax Department. Through this data, the Income Tax Department keeps track of the financial transactions made by you and ensures that all the transactions are reported correctly.
Difference between AIS and Form 26AS
Form 26AS: This is an important document that provides information only about TDS (Tax Deducted at Source), TCS (Tax Collected at Source) and other major financial transactions. It contains information about property purchases, large investments and TDS/TCS transactions.
AIS: It is more detailed than Form 26AS. Under this, additional information like interest, dividend, rental income, purchase and sale of securities, and money from abroad is also recorded. Through AIS, you get more data, which clarifies your entire financial position and helps in filing income tax returns.
How to check AIS:
If you want to avoid any mistake in AIS and do not face any problem while filing income tax return, then follow the following procedure to check it:
- Go to the Income Tax Department website (incometax.gov.in).
- Login to your official account.
- Click on ‘Annual Information Statement’ in the ‘Services’ tab on the e-filing portal.
- Then select the relevant financial year.
- AIS will be displayed in front of you, which you can download.
- This process gives you enough time to check your transactions carefully and correct any errors.
Importance of regular checking of AIS
Regular checking of AIS can help you avoid problems caused by incorrect information while filing ITR. By correcting the wrong information entered in it at the right time, you can avoid any kind of legal problem in the future. This will not only save your time but will also make the process of filing income tax returns easier. Taxpayers should ensure the authenticity of all the information entered in AIS and correct any errors in time. By regular checking, you can complete the process of income tax return in a correct and accurate manner, so that there are no problems in the future.
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