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As we know, income tax tries to give Income tax statement in Form No. 26AS. Annual Information Statement is a much detailed one with more details included- ex: All mutual fund transactions & Saving account Interest during the year etc. Now, Annual Information Statement will be captured all the PY Financial transactions of the in the respect of below transactions:
Aforesaid list is just an indicative list of transactions. It is Income taxpayer overall financial profile & will getting fine-tuned to include more class of transactions.
a) Now one person/ Income taxpayer can get both Income tax statement 26AS as well as Annual Information Statement (AIS).
b) Both Income tax statement 26AS as well as Annual Information Statement (AIS) put together, Income Tax department knows all your financial transactions.
c) It’s good to found it very simple & easy to be known and submitted information or details for your Tax Return under income tax Act
Now Here is a simple guide for accessing stepwise under the Annual Information Statement:
a) Initially Login to your Income Tax Account at https://incometax.gov.in
b) Next we needed to Go to Services Tab
c) Last option in this tab is the Annual Information Statement It will open a new tab with below 2 Options:
a) Left side – Tax Information Summary (TIS)
b) Right side – Annual Information Statement
Both are the same. Tax Information Summary is a brief, However Annual Information Statement is the detailed information statement. You can download TIS & AIS (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 protected through password. Password is ur Permanent Account No (in CAPITAL) + Date of Birth (DDMMYYYY)
For example, your Permanent Account Number is ABCDE1234K and date of birth is 12122001 then password would be ABCDE1234K12122001
Password: aanpj1234k121001
Central Board of Direct Taxes Started a mobile application called “AIS for Taxpayer” On March 22 2023 i.e which started for Assesses to view their tax related information in AIS, for complete press Release you may view below link AIS for Taxpayer
Its very important to wait for fully updated AIS, TIS and 26AS before filing ITR.
When there’s a TDS (Tax Deducted at Source) mismatch in your income as compared to what’s reflected in your Form 26AS, and you’ve received a demand notice from the Income Tax department, here’s what you can do:
It’s essential to address the demand notice promptly and take necessary actions to rectify the discrepancy to avoid any further consequences such as penalties or legal proceedings. Keep records of all communications and documents exchanged with the Income Tax department for future reference.
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