New taxpayers are unaware and confused about several terms, processes, and forms when in comes to Income Tax Returns and their filings.
It is significant for any taxpayer to understand and know the different statements required for ITR filing and how they make the process convenient.
One of these statements is AIS (Annual Information Statement).
What Is AIS?
Annual Information Statement records all financial transactions of the taxpayer in a specific financial year.
This statement shows the reported and modified value under each section such as SFT (Statement of Financial Transaction), TDS (Tax Deducted at Source), and others.
What Is The Purpose Of AIS?
Displays complete information to the taxpayer with a facility to capture online feedback
Promotes voluntary compliance and enable seamless prefilling of return
Deters non-compliance
This statement is significant as it makes it convenient for taxpayers to check all information regarding income and taxation. It reduces the taxpayer's hassle in the ITR process.
What Are The Components of AIS?
Part A- General Information
All details including Masked Aadhaar Number, PAN, Name and Birth Date of the taxpayer, company, incorporation, email address, mobile number, and address of the taxpayer are mentioned in this section.
Part B- TCS/TDS Information
Statement of Financial Transactions (SFT), payment of taxes, demand and refund and other information such as interest on refund, data pertaining to Annexure II salary, outward foreign remittance, or purchase of foreign currency.
Steps to view Annual Information Statement online
Step 1: Log in to the official Income Tax website -https://www.incometax.gov.in/.
Step 2: The dashboard will display AIS on the menu
Step 3: Click on the Proceed option, it will redirect to AIS portal and you can click on AIS to view the statement
If this process does not work , you can follow the alternate process:
Step 1: Visit the official website: https://www.incometax.gov.in/
Step 2: Login into the portal and click on e-File option
Step 3: Select the Income Tax Return option, you will be directed to the AIS portal, and you can select the AIS option to check the statement.
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