The deadline for filing ITR for the current financial year has been set for July 31, 2023. The Income Tax Department, a government agency responsible for administering and enforcing tax laws in India, has introduced a new function for taxpayers. This is an Annual Information Statement, or AIS, that taxpayers must file with their ITR. The government has taken this initiative to make the ITR filing process considerably easier than expected.
What exactly is AIS?
AIS is a set of statements that provide information about all financial transactions carried out by a taxpayer but were reported to the Income Tax Department by banking institutions and other businesses. To authenticate their Income Tax Return, taxpayers must include an Annual Information Statement or AIS. This will also put an end to future income tax reminders.
How Does AIS Benefit You?
As a result, an AIS is a comprehensive statement that contains all of a taxpayer’s financial information for a specific fiscal year and additional data required by the Income Tax Act of 1961. AIS also includes information on “overseas remittances, interest, dividends, stock trades, mutual fund activity, and so on.”
As previously stated, AIS stores information such as dividends paid, sales or purchases of stocks, and interest generated from savings, FDs, or salaries. As a result, this paper will benefit every taxpayer by assisting them to include proper information in their ITRs.
Furthermore, taxpayers can quickly identify anomalies between the information presented in the ITR and actual transactions.
So, these are enough reasons to convince you that you require AIS to ITR right now. You couldn’t afford to have figures in the filed ITR seem different. According to reports, an upgraded AIS will be available in the first week of May.
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 to 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.
In conclusion, it is highly recommended that you do not file your Income Tax Return (ITR) without an AIS. AIS, or Automated Income System, can help you ensure accuracy in your tax filing process and avoid costly penalties. By understanding what AIS is and how it works, you can streamline your tax filing process and stay compliant with tax laws.