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As we know, income tax tries to give an 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 accounts Interest during the year etc. Now, Annual Information Statement will capture all the PY financial transactions in the respect of the below transactions:
The aforesaid list is just an indicative list of transactions. It is the income taxpayer’s overall financial profile & will be getting fine-tuned to include more classes of transactions.
a) Now one person/ Income taxpayer can get both Income tax statement 26AS as well as Annual Information Statement (AIS).
b) Both the income tax statement 26AS as well as the 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 know and submitted information or details for your Tax Return under income tax Act
Now Here is a simple guide for accessing steps under the Annual Information Statement:
a) Initially log in 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 the below 2 options:
a) Left side – Tax Information Summary (TIS)
b) Right side – Annual Information Statement
Both are the same. Tax Information Summary is 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 a 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” i.e which started for assesses to view their tax-related information in AIS. For completion, press Release you may view below link AIS for Taxpayer
It’s 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.
Many taxpayers assume that the Annual Information Statement, Taxpayer Information Summary , and Form 26AS contain the same information. However, each serves a distinct purpose, and understanding the difference can help avoid notices, mismatches, and delays in return processing.
Many ITR notices arise because taxpayers rely only on Form 26AS and overlook information reported in the Annual Information Statement and Taxpayer Information Summary. Differences between the return and the data available with the Income Tax Department can trigger compliance notices. following Professional Tip Before submitting your Income Tax Return:
A few minutes spent reconciling these statements can save you from future notices and unnecessary litigation.
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