The Income Tax Department has changed the rules for filing tax returns a lot this time to bring transparency. Not only do you have to file your ITR before the stipulated time, but you also need to match Form AIS and TIS before filing it. Failure to do so, the department can send you a notice despite filling the ITR.
New Delhi. The filing of income tax returns for the financial year 2021-22 has started and only two weeks are left for the deadline to be met. In such a situation, to avoid the last minute fight, file your ITR as soon as possible.
This time the Income Tax Department has also made many changes to make income tax returns easy and transparent. In such a situation, it is necessary that the taxpayers have to show their correct and all the information in the return form. This time the Income Tax Department has released two new forms in the form of Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). In this, the complete financial account of the taxpayer will be there and now it is not possible to manipulate even one rupee in ITR. If these things are not taken care of before filing the return, then you may get a notice from the Income Tax Department despite filing the return.
What is Form AIS
With the help of this, it will be very easy for the taxpayer to fill his ITR. AIS i.e. Annual Information Statement simply means that all the financial information of the year i.e. the details of the earnings from different mediums are found in it. This income includes interest earned on savings accounts, recurring or FD earnings, dividends, mutual funds or securities and any foreign income.
Apart from this, Taxpayer Information Summary (TIS) forms can also help you a lot in filing returns. It contains information about the total taxable income of a taxpayer. Through this, the taxpayer gets to know his tax liability without any calculation and head-hunting.
How it is helpful
Form AIS is most helpful in filling ITR. So far, the employer has to file his return only through Form 16 received from the employer, but it does not contain the details of earnings from other sources. AIS also gives you information about earning from other sources. This includes the gifts you get. Overall, AIS is the record of all the financial transactions of the year.
How to download both the forms
- Visit the official website of the Income Tax Filing Portal.
- Now open your account with the help of PAN and Password.
- Go to Services tab and select AIS.
- When the new website opens, then select AIS in it.
- Here you will get the option to download both AIS and TIS.
