All the financial transactions done by an income tax payer in a financial year are mentioned in the Annual Information Statement (AIS). You can check AIS online.
Income Tax: 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 incorrect information recorded in the Annual Information Statement (AIS). It becomes difficult to correct the wrong information recorded in the AIS at the last moment. Therefore, taxpayers should check their AIS every quarter. Quarterly check 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 made 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, all the information required under the Income Tax Act, 1961 is also in this statement.
More information than Form 26AS
AIS contains more information than Form 26AS. While Form 26AS contains information on property purchases, large investments and TDS/TCS transactions, AIS also contains additional information such as savings account interest, dividends, rental income, purchase and sale of securities, foreign remittances and GST turnover.
How to check AIS?
- Go to 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.
- The AIS will be displayed in front of you, which you can also download.
Importance of checking AIS
Regular checking of AIS can help avoid hassles caused by incorrect information while filing ITR. This process will not only save your time but also make filing income tax returns smooth. Taxpayers should ensure the accuracy of all information entered in AIS and correct any errors in time.
