scorecardresearchITR filing: What is AIS and how to access it? MintGenie explains

ITR filing: What is AIS and how to access it? MintGenie explains

Updated: 04 Jul 2023, 08:55 AM IST

To prevent receiving a tax notice, it is advisable to thoroughly review the AIS before filing your income tax return.

Learn how to interpret your AIS before filing your ITR.

Learn how to interpret your AIS before filing your ITR.

The Income Tax Department provides a comprehensive yearly tax statement known as Form 26AS. This statement, also called the Annual Information Statement (AIS), encompasses details regarding tax deducted or collected at source, advance tax payments, and self-assessment. It is accessible on the Income-Tax website and can be viewed by a taxpayer using their Permanent Account Number (PAN).

The AIS is a detailed document that encompasses information about your financial transactions, which have been reported by various entities, particularly financial institutions, to the tax department throughout the financial year. It includes details regarding income or receipts from various sources like salary, and interest, as well as the sale or purchase of securities such as equity shares, mutual funds, bonds, and more.

AIS serves as an extension of the usual Form 26AS, providing an expanded view of financial information. While Form 26AS focuses on property purchases, high-value investments, and TDS/TCS transactions conducted throughout the financial year, AIS goes beyond that. It encompasses additional details such as savings account interest, dividends, rental income, transactions involving securities/immovable properties, foreign remittances, interest earned on deposits, GST turnover, and more.

The newly launched “AIS for Taxpayers” mobile application enables individuals to conveniently access their AIS or Taxpayer Information Summary (TIS) directly on their smartphones. This application is readily available for download on both the Google Play Store and Apple App Store platforms.

Post installation, taxpayers are required to register by providing their PAN and date of birth. Following that, they must authenticate their identity by entering the OTP sent to their registered mobile number and email address on the income tax e-filing portal. Once authenticated, users can set a 4-digit PIN to securely access the app.

The app allows users to access a wide range of information related to TDS, TCS, interest, dividends, share transactions, tax payments, specified financial transactions, income tax refunds, GST data, and foreign remittances. This information is readily available within the AIS/TIS section of the app.

Taxpayers are provided with the opportunity to provide feedback on the information displayed within the AIS app. Each section presents both the reported values and any modified values that have been adjusted based on the feedback received from taxpayers. At present, there are no restrictions on the frequency of modifying previously provided feedback.


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First Published: 04 Jul 2023, 08:55 AM IST