Income Tax Return: How to easily access and review your Annual Information Statement with a click

The deadline for filing ITRs for the financial year 2023-24 (Assessment year 2024-25) is July 31, 2024. With just over a month remaining, now is an ideal moment to begin gathering the necessary documents required to complete your income tax return (ITR) form.

To start with, you need the Annual Information Statement (AIS), which is essential for filing your ITR in India, serving as a comprehensive record of all your financial transactions reported to the Income Tax department. Here’s an overview of its significance and how it complements Form 26AS:

Scope: The AIS offers a broader spectrum of information compared to Form 26AS. It encompasses 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 relevant financial activities. This comprehensive coverage ensures that all income sources and eligible tax deductions are accounted for accurately during the filing of your ITR form.

Verification: By reviewing the AIS, you can ensure the accuracy of the information compared to your own records. If discrepancies are found, you can address them promptly through the AIS portal, preventing errors or delays in filing your ITR.

Simplicity: Consolidating all financial transactions into a single document streamlines the ITR filing process, eliminating the need to gather documents from multiple sources.

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How to access and review your AIS for filing ITR?

Here’s a step-by-step guide to accessing and reviewing your AIS before filing your ITR form in India:

Step 1: Visit the official website of the Income Tax Department of India. To log in, ensure you are registered and use your Permanent Account Number (PAN) as the user ID.

Step 2: You can find the AIS statement using either of the following methods:

• On the dashboard, navigate to the “Annual Information Statement (AIS)” menu and select it.
• Click on the “e-File” menu, then go to “Income Tax Return” and choose “View AIS”.
• Once you select “View AIS”, click on “AIS”. This will redirect you to a separate AIS portal. Then, proceed by clicking the “Proceed” button.

Step 3: Once on the AIS homepage, you'll see your Taxpayer Information Summary (TIS) and the AIS tile. Next, choose the proper fiscal year. The AIS contains information for multiple fiscal years, so select the one that corresponds to the ITR you're filing.

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Key areas covered by AIS

The AIS offers a detailed breakdown of a variety of financial transactions. Here are some essential sections to review:

• Check that the deducted amount matches your Form 16 or other TDS certificates.
• Verify the veracity of the tax collected on specific transactions.

The AIS section outlines a range of financial activities reported by banks and institutions, including interest income, dividend income, and transactions involving securities and mutual funds. Reviewing your AIS provides a comprehensive view of your income sources, tax deductions, and identifies any discrepancies that require correction.

In essence, AIS functions as an upgraded version of Form 26AS, offering a more comprehensive and user-friendly method to review your tax information before filing your ITR.