Updates... Updates and new Updates.. This is what Income Tax department is doing, and getting smarter day by day by looking at our each and every transaction.
The Income Tax Department has announced a new statement – AIS (Annual Information Statement). This was earlier known as Form No. 26AS. Originally, Form No. 26AS contained the details of TDS, TCS & Advance Tax.
However, the scope has been widened subsequently to disclose information more than that of Tax and so nomenclature has been changed to “Annual Information Statement (AIS). “
Let us try to step wise learn about AIS, so, What is AIS (Annual Information Statement?
AIS is a much-detailed information then 26AS – with many more details included like:
a) Shares b) Insurance c) Credit Cards d) Purchase of property e) Mutual Fund f) Salary or
Business income g) Dividends h) Interest on SB A/c and Deposits.
The above list is just inclusive. It is your overall financial profile and will getting fine-tuned to include more categories.
Has 26AS be stopped?
No, Now one can get both 26AS and AIS. Both put together, the Income Tax department knows all your financial transactions. And it’s good as now you will find it very easy to know and submit details for your Income Tax returns.
The question arises as to How to access AIS?
Here is a simple stepwise guide for accessing the AIS as under:
a) Log in to your Income Tax account at http://incometax.gov.in
b) Go to Services Tab
c) Last option in this tab is the AIS option.
It will open a new tab with below two options:
a) Left side – Tax Information Summary (TIS)
b) Right side – AIS
Both are the same. TIS is a summary and AIS is the detailed statement. You can download both. When you download you get a pdf statement (There is a jpeg option also, but let’s stick to PDF now).
PDF will be password protected.
Password is ur PAN Number (in CAPITAL) + Date of Birth (DDMMYYYY)
For example your PAN is AANPJ1234K and date of birth is 12122001 then password would be
AANPJ1234K12122001
Regards
Shreyans Jain
CA-Finalist
Chennai
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