The Income Tax Department has launched a new facility named “Annual Information Statement” to make the process of filing Income Tax Returns easier. The Annual Information Statement (AIS) was awaited for a long time. Taxpayers can now verify their Income Tax Return (ITR) before filing it with the new Annual Information Statement and avoid facing the notices of the Income Tax Department in future.
Finance Minister Nirmala Sitharaman had said in the budget speech of 2021 that to further simplify the process of ITR filing, now information like capital gains from listed shares, dividend income and interest from banks and post offices etc. Will be filled in the tax return. As of now, the details of income from salary, tax payment and TDS etc. are already available in Form 26AS available on TRACES portal.
Earlier it often happened that taxpayers forgot to mention any taxable income in ITR like capital gain, dividend, fixed deposit and interest earned on savings account on sale of shares/mutual funds. In recent years, the Income Tax Department has issued notices to several taxpayers for discrepancies in ITR returns.
However, now to further simplify the process of ITR filing for taxpayers, the Income Tax Department has launched Annual Information Statement (AIS). Additional information such as interest, dividend, share transactions, mutual fund transactions, foreign remittance information will be stored in the annual information statement for the purpose of ITR filing.
How to download Annual Information Statement (AIS) –
Step 1. Login to the Income Tax Portal using your PAN and Password.
Step 2. Click on the “Service” tab in the menu, then click on the “Annual Information Statement (AIS)” option in it.
Step 3. Here a pop-up window will open in front of you, in which you have to click on “Proceed”.
Step 4. Now your “AIS” homepage will open.
Step 5. Read all the instructions given on the “AIS” homepage carefully.
Step 6. Click on the “AIS” tab given between “Instructions” and “Activity History”.
Step 7. Now you will see two options for download. First, the Taxpayer Information System (TIS) and the second Annual Information Statement (AIS).
Step 8 . Click on PDF Download in the AIS tab. On opening the PDF, you will be asked for the password. This password will be your PAN card number + date of birth. For example if your PAN card number is AAAAA1234A and your date of birth is 21st January 1991, then your password will be AAAAA1234A21011991.
