The Income Tax Department has announced a new statement – AIS (Annual Information Statement). This was earlier known as Form No. 26AS. Originally, Form No. 26AS contained the details of TDS, TCS & Advance Tax. However , the scope has been widened subsequently so as to disclose information more than that of Tax and so nomenclature has been changed to “Annual Information Statement (AIS)”.
The objective of this document is to develop common and shared understanding related to Annual Information Statement (AIS) and various information sources.
This article is designed to give you all details about your financial transactions during the year as reflected in AIS
Objectives of AIS:
The key objective of AIS are:
- Display complete information to the taxpayer
- Promote voluntary compliance and enable seamless prefilling of return
- Deter non-compliance
Let us make an attempt to step wise learn about AIS:
What is AIS (Annual Information Statement)?
As we all know, earlier Income Tax used to give statement 26AS.
AIS is a much detailed one – with many more details included – like Savings account Interest, all Mutual Fund transactions during the year etc. Now, AIS will capture all financial transactions of the previous year in respect of the following transactions:
a) Salary or Business income
b) Shares
c) Credit Cards
d) Purchase of property
e) Mutual Funds
f) Insurance
g) Dividends
h) Interest on SB A/c and Deposits.
The above list is just indicative. It is your overall financial profile.
Has 26AS be stopped?
a) Now one can get both 26AS and also AIS.
b) Both put together, the Income Tax department knows all your financial transactions.
c) And it’s good as now you will find it very easy to know and submit details for your Income Tax returns.
The question arises as to How to access AIS?
Here is a simple stepwise guide for accessing the AIS as under:
a) Log in to your Income Tax account at http://incometax.gov.in
b) Go to Services Tab
c) Last option in this tab is the AIS option.
It will open a new tab with below two options:
a) Left side – Tax Information Summary (TIS)
b) Right side – AIS
Both are the same. TIS is a summary and AIS is the detailed statement. You can download both. When you download you get a pdf statement (There is a jpeg option also, but let’s stick to PDF now).
PDF will be password protected.
Password is your PAN Number (in CAPITAL) + Date of Birth (DDMMYYYY)
For example your PAN is 0ASPL1234K and date of birth is 1212201 then password would be OASPL1234K12122001
NOTE: In case of any query, please feel free to contact me on this email enquiry@overallaccounting.com
