Income Tax News: Often, incorrect information recorded in your Annual Information Statement (AIS) causes issues when preparing your income tax return. Correcting inaccurate data in AIS at the last minute becomes a difficult undertaking. As a result, each taxpayer ought to review his AIS on a quarterly basis. This will enable prompt detection of any incorrect data entered. This will allow you ample opportunity to rectify any incorrectly supplied data prior to submitting your ITR. AIS can be verified online.
Complete Financial Transactions Overview
An income tax payer’s complete financial transactions for a given fiscal year are listed in AIS. In addition to this, it includes all the data required by the Income Tax Act of 1961. The Annual Information Statement includes information on interest, dividends, transactions pertaining to shares, mutual funds, and the money received from overseas in the income tax payer’s account.
AIS’ Additional Data Over Form 26AS
Compared to Form 26AS, the AIS form has additional information. Only data pertaining to real estate purchases, significant investments, and TDS/TCS transactions within a fiscal year are documented on Form 26AS. Simultaneously, AIS encompasses a wealth of supplementary data, such as interest earned on savings accounts, dividends, rental revenue, stocks buy and sale transactions, foreign exchange earnings, and GST turnover.
Checking AIS on Income Tax Department’s Website
The Income Tax Department’s website offers the ability to check AIS. Verifying the Annual Information Statement is a pretty simple process. The income tax payer must log in to the Income Tax Department website in order to do this. The Annual Information Statement will then show up on the e-filing portal under the ‘Services’ page. Press the button. The pertinent financial year must then be chosen in order to display the AIS. You will then be presented with the Annual Information Statement for the relevant financial year. It is also available for download.
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