Income Tax Alert: All the financial transactions done by the taxpayer in a financial year are recorded in the Annual Information Statement (AIS). You can check AIS online.
Income Tax Alert: If you also pay income tax, then you should check the Annual Information Statement (AIS) every quarter. While filing Income Tax Return (ITR), many times taxpayers have to face problems due to wrong information recorded in the Annual Information Statement (AIS). It becomes difficult to correct the wrong information entered in AIS at the last moment. Therefore, taxpayers should check their AIS every quarter. Quarterly checking will let you know about any erroneous information in time and you will get enough time to correct it before filing ITR. You can check AIS online on the official website of the Income Tax Department.
AIS contains a detailed description of all the financial transactions done by the taxpayer during the financial year. This includes information like interest, dividend, transactions related to shares, mutual fund transactions, and amount received in the account from abroad. Also, this statement contains all the information required under the Income Tax Act, 1961.
More information than Form 26AS
AIS contains more information than Form 26AS. While Form 26AS contains information about property purchase, large investments and TDS/TCS transactions, AIS also contains additional information like savings account interest, dividend, rental income, purchase and sale of securities, remittances from abroad and GST turnover.
How to check AIS?
- Visit the official website of the Income Tax Department.
- Log in to your account.
- Click on the ‘Annual Information Statement’ option in the ‘Services’ tab on the e-filing portal.
- Select the relevant financial year.
- AIS will be displayed in front of you, which you can also download.
Importance of checking AIS
Regular checking of AIS can avoid problems caused by incorrect information while filing ITR. This process will not only save your time but will also make filing income tax returns easier. Taxpayers should ensure the accuracy of all information entered in the AIS and correct any errors in time.
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