The last date to file ITR for the current assessment year is decided to be July 31, 2023. The Income Tax Department, a Government body which administers and enforces tax laws in India, has launched a new feature for taxpayers. This is a statement named Annual Information Statement or AIS, which taxpayers will have to file along with ITR. This step has been taken by the Government to make the ITR filing process much simpler than usual.
What is AIS?
AIS is a set of statements providing information about all the financial transactions carried by a taxpayer but was reported by financial institutions and other entities to the Income Tax Department. So, to validate their Income Tax Return, the taxpayers will need to include Annual Information Statement or AIS. This will also stop further reminders from the income tax department.
So, AIS is a comprehensive statement carrying all the financial information of a taxpayer for a particular financial year and other data as per the Income Tax Act of 1961. Furthermore, information related to “overseas remittances, interest, dividends, stock trades, mutual fund activity, etc.” is also mentioned in AIS.
How Does AIS Benefit You?
As explained above AIS carries information like dividends earned, sales or purchase of securities, interest you earned from your savings, FDs, or salary. So, this document will benefit every taxpayer by helping them to mention accurate information combined in one in their ITRs. Also, the taxpayers can easily find the discrepancies between the mentioned information in ITR and real transactions.
So, these reasons are enough to make you learn why you need AIS to ITR now. You could not afford to have figures look different in the submitted ITR. Reportedly, an updated AIS is made available in the first week of May.
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How to Download AIS?
- First, visit the official Income Tax Portal using your PAN and password.
- Under the ‘Service’ tab you will find the option for ‘Annual Information Statement (AIS)’.
- Now a pop-up window will appear click on ‘Proceed’.
- Next, the AIS homepage will be opened in front of you.
- Complete all the prompts on the homepage.
- Now click on the AIS tab.
- You will see two options to download: first, Taxpayer Information System (TIS) and second will be AIS.
- Now choose PDF format under the AIS tab and it will be downloaded.