Ais form income tax

Hi guys in this blog we are describing about how to download income tax (AIS) annual information statement. If you are filing income tax return regularly then you know that the tax deduction information and the income chargeable under income tax are shown in the form 26 AS. But Income Tax department of India now introduced AIS annual information statement in place of form 26 AS. Now in the coming days form 26 AS will be stopped and we will get the annual information statement. In the AIS we will get the all information related to income in a financial year. You will see your salaried income, FD income, foreign remittance, stocks sell, mutual fund redemption, savings account interest etc. So before filing income tax return you should to check the income tax AIS once thoroughly otherwise you may get trouble in future. In general people avoid disclose of some income to save income taxes. Therefore government has introduced AIS. Now all the earnings will be traced and will be shown in annual information statement. Therefore we are discussing about the topic how to download income tax AIS. How to download income tax annual information statement: If you are also searching for the process how to download income tax AIS then follow the following steps. STEP 1: Go to your PC or mobile and open the website STEP 2 : As you reach the home page of the above website you will see login option on the top bar of the page. Click on this login option. A new page will open here you are asked ...

Over the past few years, the tax filings in India have become digital and due to the requirement of furnishing a permanent account number (PAN) for any major financial transaction, the tax authorities have access to a lot of information regarding the tax filers. Form 26AS and Annual Information Statement (AIS) are important documents which are made available by the income tax authorities to the tax filers using technology and the information collated from the above. It is important that before furnishing their tax returns, the tax filers review the same and reconcile their financial data to avoid unwarranted notices and tax demands. Taxpayers initially referred to Form 26AS for reconciling their tax details, especially tax deducted at source (“TDS”) and tax collected at source (“TCS”) credits, etc. However, in order to promote transparency and simplifying the tax return filing process, the Central Board of Direct Taxes (CBDT) expanded the scope of Form 26AS by way of introducing AIS and Taxpayer Information Summary (TIS) to help provide a complete profile of the taxpayer for a particular year. Here’s a deep dive into what the Form 26AS, AIS and TIS are and how to use them for filing taxes. What is Form 26AS? Form 26AS is an Annual Tax Statement, specific to a Permanent Account Number (PAN) furnished in accordance with erstwhile Section 203AA read with second provision to section 206C(5) of the Income Tax Act, 1961 (hereinafter referred to as the ‘IT Act’) and erstwhile Rul...

The Income Tax Department announced yesterday, November 14, 2021, that taxpayers can now access the new Annual Information Statement (AIS) through the e-Filing portal. In a Tweet, the department has clarified that "Check out the new Annual Information Statement(AIS). Provides a comprehensive view of information available with ITD about taxpayer. Click on link 'AIS' under 'Services' tab on http://incometax.gov.in to access." The Income Tax Department launched the new Annual Information Statement (AIS) on the Compliance Portal at the beginning of this month, which offers a taxpayer a detailed overview of information as well as the option to submit online feedback. Now, let's learn everything there is to know about the new Annual Information Statement (AIS) and how to access it. What’s new about the Annual Information Statement (AIS)? Additional information on interest, dividends, securities transactions, mutual fund transactions, foreign remittance, etc is now included in the new AIS. Duplicate information has been eliminated from the reports submitted and now the information from the AIS will be available in PDF, JSON, and CSV formats for taxpayers to access or download. The Annual Information Statement (AIS) encompasses details that currently have a record with the tax department. Hence, taxpayers should need to keep in mind that additional transactions involving the taxpayer that are not currently included in the Annual Information Statement may emerge, therefore they sho...

1. Annual Information System (AIS): The Annual Information System (AIS) is a system implemented by the Income Tax Department in India to gather information about a taxpayer’s financial transactions from various sources. The AIS collects data related to income earned, taxes deducted at source (TDS), taxes paid, and other relevant information. This information is consolidated into a single document known as Form 26AS, which serves as a comprehensive statement of tax credits and tax liabilities for the taxpayer. Example: Let’s consider an individual taxpayer named Mr. X. Throughout the financial year, Mr. X earns income from multiple sources, such as salary, interest on fixed deposits, and rental income. Employers, banks, and tenants deduct taxes at source while making payments to Mr. X. Additionally, Mr. X makes advance tax payments and self-assessment tax payments. The AIS collects information from these various sources and consolidates it into Form 26AS. This form reflects Mr. X’s income details, TDS information, and tax payments made by him. When Mr. X prepares to file his income tax return, he refers to Form 26AS to ensure the accuracy of his income details and reconcile them with his own records. 2. Taxpayer Information Summary (TIS): TIS is a statement that summarizes the tax information available with the Income Tax Department for a particular taxpayer. It includes details of the taxpayer’s tax returns filed, taxes paid, refunds received, and other relevant informatio...

As the deadline for filing the income tax return (ITR) approaches, which is July 31, it’s natural to worry about meeting the deadline. However, the process can become much smoother if you are aware in advance of common mistakes made during the filing of ITR, as rushing at the last minute often leads to oversights and errors. Additionally, filing the ITR without proper reconciliation with relevant documents can result in underreporting, potentially resulting in notices from the income tax department. To avoid future income tax notices, it is important to remember the following steps while filing your ITR this year. Interest from savings account    One of the most common incomes that taxpayers often overlook when filing their income tax returns is “interest”. This includes interest earned on savings accounts and term deposit accounts. While the bank deducts TDS on the interest earned from term deposit accounts, no TDS may be deducted on interest from savings accounts, and it may not be reflected in Form 26AS. “It is essential for taxpayers to remember that all interest, including interest from savings accounts, is taxable income and should be reported under the category of “Income from Other Sources”. However, it is worth noting that interest on savings accounts is exempt up to Rs 50,000 for senior citizens under section 80TTB and Rs 10,000 for others under section 80TTA. To claim this exemption correctly, taxpayers should declare the income and apply for the ...

House loan statement Deductions for home loans are available under Section 24 for interest on house loans and Section 80C for the principal component. A house loan statement provided by the lender provides a clear breakdown of the interest and the amount repaid during the financial year, enabling you to claim the appropriate deductions. Bank statements Bank statements offer a detailed overview of all financial transactions throughout the year and play a crucial role in filing your ITR. In some cases, income might not be reflected in Form 26AS or AIS due to non-reporting from the relevant parties or the absence of TDS deductions. However, such income can be easily identified from your bank statements. The amounts reflected in bank statements represent net income, i.e., income received after the deduction of TDS. Therefore, when filing your ITR, it is essential to gross up the amounts by adding the TDS to accurately declare your income. Interest certificate Term deposits are popular investment options in India. While the amount of a term deposit is received only upon maturity, the interest on the deposit accrues annually. An interest certificate helps determine the amount of interest accrued during the year and allows you to declare the interest on an accrual basis. Securities statement A securities statement or holding statement provides a comprehensive record of all transactions related to securities such as equity, mutual funds, bonds and debentures, throughout the financ...

The Income Tax Department announced yesterday, November 14, 2021, that taxpayers can now access the new Annual Information Statement (AIS) through the e-Filing portal. In a Tweet, the department has clarified that "Check out the new Annual Information Statement(AIS). Provides a comprehensive view of information available with ITD about taxpayer. Click on link 'AIS' under 'Services' tab on http://incometax.gov.in to access." The Income Tax Department launched the new Annual Information Statement (AIS) on the Compliance Portal at the beginning of this month, which offers a taxpayer a detailed overview of information as well as the option to submit online feedback. Now, let's learn everything there is to know about the new Annual Information Statement (AIS) and how to access it. What’s new about the Annual Information Statement (AIS)? Additional information on interest, dividends, securities transactions, mutual fund transactions, foreign remittance, etc is now included in the new AIS. Duplicate information has been eliminated from the reports submitted and now the information from the AIS will be available in PDF, JSON, and CSV formats for taxpayers to access or download. The Annual Information Statement (AIS) encompasses details that currently have a record with the tax department. Hence, taxpayers should need to keep in mind that additional transactions involving the taxpayer that are not currently included in the Annual Information Statement may emerge, therefore they sho...

As the deadline for filing the income tax return (ITR) approaches, which is July 31, it’s natural to worry about meeting the deadline. However, the process can become much smoother if you are aware in advance of common mistakes made during the filing of ITR, as rushing at the last minute often leads to oversights and errors. Additionally, filing the ITR without proper reconciliation with relevant documents can result in underreporting, potentially resulting in notices from the income tax department. To avoid future income tax notices, it is important to remember the following steps while filing your ITR this year. Interest from savings account    One of the most common incomes that taxpayers often overlook when filing their income tax returns is “interest”. This includes interest earned on savings accounts and term deposit accounts. While the bank deducts TDS on the interest earned from term deposit accounts, no TDS may be deducted on interest from savings accounts, and it may not be reflected in Form 26AS. “It is essential for taxpayers to remember that all interest, including interest from savings accounts, is taxable income and should be reported under the category of “Income from Other Sources”. However, it is worth noting that interest on savings accounts is exempt up to Rs 50,000 for senior citizens under section 80TTB and Rs 10,000 for others under section 80TTA. To claim this exemption correctly, taxpayers should declare the income and apply for the ...

Over the past few years, the tax filings in India have become digital and due to the requirement of furnishing a permanent account number (PAN) for any major financial transaction, the tax authorities have access to a lot of information regarding the tax filers. Form 26AS and Annual Information Statement (AIS) are important documents which are made available by the income tax authorities to the tax filers using technology and the information collated from the above. It is important that before furnishing their tax returns, the tax filers review the same and reconcile their financial data to avoid unwarranted notices and tax demands. Taxpayers initially referred to Form 26AS for reconciling their tax details, especially tax deducted at source (“TDS”) and tax collected at source (“TCS”) credits, etc. However, in order to promote transparency and simplifying the tax return filing process, the Central Board of Direct Taxes (CBDT) expanded the scope of Form 26AS by way of introducing AIS and Taxpayer Information Summary (TIS) to help provide a complete profile of the taxpayer for a particular year. Here’s a deep dive into what the Form 26AS, AIS and TIS are and how to use them for filing taxes. What is Form 26AS? Form 26AS is an Annual Tax Statement, specific to a Permanent Account Number (PAN) furnished in accordance with erstwhile Section 203AA read with second provision to section 206C(5) of the Income Tax Act, 1961 (hereinafter referred to as the ‘IT Act’) and erstwhile Rul...

Hi guys in this blog we are describing about how to download income tax (AIS) annual information statement. If you are filing income tax return regularly then you know that the tax deduction information and the income chargeable under income tax are shown in the form 26 AS. But Income Tax department of India now introduced AIS annual information statement in place of form 26 AS. Now in the coming days form 26 AS will be stopped and we will get the annual information statement. In the AIS we will get the all information related to income in a financial year. You will see your salaried income, FD income, foreign remittance, stocks sell, mutual fund redemption, savings account interest etc. So before filing income tax return you should to check the income tax AIS once thoroughly otherwise you may get trouble in future. In general people avoid disclose of some income to save income taxes. Therefore government has introduced AIS. Now all the earnings will be traced and will be shown in annual information statement. Therefore we are discussing about the topic how to download income tax AIS. How to download income tax annual information statement: If you are also searching for the process how to download income tax AIS then follow the following steps. STEP 1: Go to your PC or mobile and open the website STEP 2 : As you reach the home page of the above website you will see login option on the top bar of the page. Click on this login option. A new page will open here you are asked ...