Income Tax News: It is important that you examine and study your Annual Information Statement (AIS) prior to filing your income tax return (ITR). The Income Tax Department has combined all of the financial transactions that are pertinent to your tax obligations into one statement. This is why it’s so important to monitor your AIS:
Comprehensive Financial Overview
The AIS lists all sources of income, including capital gains, dividends, interest, and salaries. Examining them guarantees that all income is recorded accurately.
Verification of TDS
It contains details about taxes withheld at the source (TDS) by banks, employers, and other organizations. Verifying TDS helps to prevent fines and guarantees accurate reporting.
Review for Investments and Deductions
Information about stocks, mutual funds, and real estate transactions is covered by AIS. Examining this part facilitates the efficient claim of qualified deductions and exemptions.
Accessing your AIS is straightforward
Login to Income Tax Portal: Go to www.incometax.gov.in, the Income Tax Department’s e-filing website, and enter your login information.
Navigate to AIS Section: After logging in, select the ‘e-File’ or ‘Services’ option. Find “Annual Information Statement (AIS)” and click on it.
Download and Review: Get your AIS and go over every section carefully, paying particular attention to the TDS, investments, and income details. Make sure all of the entries are correct before filing your taxes.
Examining your AIS increases your possible refund by claiming all allowable deductions and guarantees that you are in accordance with tax laws. It’s an important step in filing an accurate and comprehensive income tax return.