If you’re an income taxpayer, staying proactive with your tax records can prevent unnecessary hassles during Income Tax Return (ITR) filing. One key practice is reviewing your Annual Information Statement (AIS) every quarter. Many taxpayers face challenges due to discrepancies in their AIS, which can be difficult to resolve at the last minute. Conducting regular quarterly checks allows you to identify and rectify any errors well in advance, ensuring a smoother tax filing experience. The AIS is easily accessible online through the official Income Tax Department website.
What is AIS?
The Annual Information Statement (AIS) provides a detailed record of all financial transactions made by a taxpayer within a financial year. This includes data on interest income, dividends, share market transactions, mutual fund activities, and funds received from abroad. It compiles all relevant financial information as mandated by the Income Tax Act, 1961.
AIS vs. Form 26AS: A More Comprehensive View
The AIS offers a broader scope of financial data compared to Form 26AS. While Form 26AS mainly focuses on high-value transactions like property purchases, major investments, and TDS/TCS details, the AIS extends to:
- Savings account interest
- Dividend earnings
- Rental income
- Securities transactions
- International remittances
- GST turnover
How to Access Your AIS
Checking your AIS is simple and can be done online through the Income Tax Department’s e-filing portal. Follow these steps:
- Visit the official Income Tax Department website.
- Log in to your account.
- Navigate to the ‘Annual Information Statement’ under the ‘Services’ tab.
- Select the relevant financial year.
- View and download your AIS for reference.
Why Regular AIS Checks Matter
Performing periodic AIS reviews ensures that any discrepancies are detected and addressed promptly, preventing last-minute issues during ITR filing. By verifying your financial records regularly, you can save time, minimize errors, and ensure compliance with tax regulations. Staying updated with your AIS will help streamline your tax filing process and avoid any unwarranted complications.
