Income Tax Department has introduced a new facility through which you can now check your every earning with the new Annual Information Statement before filing Income Tax Return (ITR).
Tax Return: The Income Tax Department has started a new facility called Annual Information Statement to make the process of filing Income Tax Return easier. 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.
Was announced in the budget
Finance Minister Nirmala Sitharaman had said in the 2021 budget speech that new solutions would be devised to further simplify the process of ITR filing. On the same lines, now information like capital gains from listed shares, dividend income and interest from banks and post offices etc. will be already filled in the income tax return. Till now, information about income from salary, tax payment and TDS etc. was already available in Form 26AS available on TRACES portal.
This was a mistake earlier
It has often happened that taxpayers forgot to mention any taxable income in the return like capital gains, dividends, FDs and interest earned on savings accounts on the sale of shares/mutual funds. In the last few years, the Income Tax Department has issued notices to many taxpayers for finding discrepancies in ITR returns.
However, now to further simplify the process of return filing for taxpayers, the tax department has launched Annual Information Statement (AIS). The Annual Information Statement will store additional information such as interest, dividend, share transactions, mutual fund transactions, foreign remittance information for the purpose of ITR filing.
Here’s how to download Annual Information Statement (AIS)
- Login to the Income Tax Portal using your PAN and Password
Click on Service in the menu, then click on Annual Information Statement (AIS) option in it. - A pop-up window will open, in which you have to click on Proceed.
- Now the homepage of AIS will open in front of you.
- Read all the instructions on the AIS homepage carefully.
- Click on the AIS tab given between Instructions and Activity History.
- There will be 2 options for download in front. First, there will be an option of Taxpayer Information System (TIS) and second, Annual Information Statement (AIS).
- 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. If your PAN card number is AAAAA1234A and your date of birth is 21st January 1991, then your password will be AAAAA1234A21011991.
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