The deadline for filing Income Tax Returns (ITRs) for the financial year 2023-24 (Assessment year 2024-25) is approaching on July 31, 2024. With just over a month left, it’s crucial to begin gathering the necessary documents for completing your ITR form, starting with the Annual Information Statement ( AIS ). This document is essential for Indian taxpayers as it provides a comprehensive record of all financial transactions reported to the Income Tax department, complementing Form 26AS.
Significance of AIS:
The AIS covers a broader range of information compared to Form 26AS, including details such as Tax Deducted at Source (TDS), Tax Collected at Source (TCS), interest income, dividend income, transactions involving securities and mutual funds, and other financial activities. This comprehensive coverage ensures accurate reporting of all income sources and eligible tax deductions when filing your ITR.
Verification:
Reviewing the AIS allows you to verify the accuracy of reported information against your own records. Any discrepancies can be addressed promptly through the AIS portal to avoid errors or delays in filing your ITR.
Simplicity:
Consolidating all financial transactions into a single document simplifies the ITR filing process, eliminating the need to gather documents from multiple sources.
Accessing and Reviewing AIS:
To access your AIS for ITR filing:
- Visit the official website of the Income Tax Department of India and log in using your PAN as the user ID.
- Navigate to the “Annual Information Statement (AIS)” menu on the dashboard or through the “e-File” menu under “Income Tax Return” to view AIS.
- Select the appropriate fiscal year corresponding to the ITR you are filing to review detailed sections covering income sources, tax deductions, and financial transactions.
Key Areas Covered by AIS:
AIS provides a breakdown of various financial transactions, ensuring:
- Matching of deducted amounts with Form 16 or other TDS certificates.
- Verification of tax collected on specific transactions.
- Comprehensive reporting of income from interest, dividends, securities, mutual funds, and more.
In summary, AIS serves as an enhanced version of Form 26AS, offering a comprehensive overview and facilitating easier review of tax-related information before filing your ITR.
