Before the introduction of AIS, most of the details were available with the taxpayer Form 26AS (Also known as Tax Passbook). Here is a look at the major differences between Form 26AS and AIS.
AIS. what is
Annual Information Statement (AIS) contains the details of your financial transactions for a financial year. AIS helps you fill the appropriate ITR form.
The new AIS includes additional information related to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc. The reported information has been processed to remove duplicate information. Taxpayers will be able to download AIS information in PDF, JSON, CSV formats.
How to View AIS Form
Step 1: Login to the URL https://www.incometax.gov.in/.
Step 2: After successful login to e-filing portal click on “Annual Information Statement (AIS)” under “Services” tab from e-filing portal.
Step 3: On the homepage, click on the AIS tab.
Step 4: Select the relevant financial year and click on the AIS tile to view the annual information details.
As per the latest FAQs on AIS, the important points covered in AIS are given below:
PART A
General Information Part-A displays general information related to you including PAN, masked Aadhaar number, taxpayer name, date of birth/incorporation/formation, mobile number, e-mail address and taxpayer address.
Part-B
• TDS/TCS Information :- Information related to tax deducted/collected at source is displayed here. The information code, information description and information value of TDS/TCS are shown.
• SFT Information :- This head displays the information received from reporting entities under Financial Transaction Statement (SFT). SFT code, information details and information value are provided.
• Payment of Taxes: – Information related to payment of taxes under various heads, such as advance tax and self-assessment tax, is shown.
• Demand and Refund :- You will be able to view the details of the demand made and refund initiated (age and amount) during a financial year. (Details related to demand will be released soon)
• Other Information: – Details of information received from other sources, such as Annex II data relating to salary, interest on return, outward foreign remittance/ purchase of foreign exchange etc., are displayed here.
Form 26AS
It is the statement which provides the details of taxes deducted, collected and suffering during the financial year. An individual’s tax passbook, Form 26AS, contains information about the taxes withheld and deposited from the individual’s PAN during a financial year.
How to download Form 26AS?
Step 1: Log on to Income Tax website
Step 2: Go to the e-File menu. Select Income Tax Return
Step 3: Click on ‘View Form 26AS’
26AS. information included in
- Details of tax deducted at source and deductors
- advance tax details,
- Self Assessment Tax Details
- tax deduction
- Annual Information Report (AIR) and details of high value transactions
- Details of tax deducted on sale of property or any other high value transaction, among others.
- Details of tax collected at source
What is the difference between AIS and Form 26AS?
According to the Income Tax website FAQs on AIS, “AIS is an extension of Form 26AS. Form 26AS displays the details of purchase of property, high value investments and TDS/TCS transactions during the financial year. AIS additionally includes savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover, etc. AIS also provides an option to the taxpayer to respond to the reported transactions. In addition, the aggregation of transactions at the information source level is also reported in the TIS.”