• Mon. Jun 5th, 2023

Do not file ITR without AIS, know what it is and why AIS is needed

The deadline for filing the income tax return is July 31.

The deadline for filing the income tax return is July 31.

The Income Tax Service has launched a new declaration for taxpayers called the Annual Information Declaration (AIS).

The last day to file an income tax return (ITR) for the current tax year is July 31. Under new income tax laws, a special feature is now available. The Income Tax Department, which is responsible for the administration and enforcement of direct tax laws in India, has launched a new declaration for taxpayers called Annual Information Return (AIS). This will surely ease the process of filing the tax return.

What is AIS?

The AIS is a comprehensive declaration that includes information on the financial transactions you have carried out and which have been declared to the tax department by various entities, mainly financial institutions. Taxpayers can now validate their tax return using the new annual information return before submitting it to stop further reminders from the tax department.

In other words, the AIS is a comprehensive statement that lists all of your financial activities for a particular financial year and includes the information required by the Income Tax Act 1961. foreign exchange, interest, dividends, stock market transactions, mutual fund activity, etc. is included in the AIS.

How is it beneficial?

All financial transactions, including sales and purchases of securities, dividend income, interest from savings and fixed deposits and wage income, are displayed on AIS. It would be simple for a taxpayer to report accurate information in the tax return using all this financial information. Taxpayers can avoid a discrepancy between the information on the tax return and the actual financial transactions.

For this reason, you need AIS to submit an ITR. You should not file an ITR until you have received the AIS. Because the numbers could be different if an ITR was submitted without AIS. It is said that the updated AIS will likely be available to taxpayers in the first week of May.

How to download it?

Step 1: Use your PAN and password to access the Income Tax Portal.

Step 2: Select the Annual Information Statement (AIS) option under the “Service” tab in the menu.

Step 3. Here a pop-up window will open in front of you, in which you need to click on Continue.

Step 4. Your AIS homepage will now open.

Step 5: Follow all instructions on the AIS homepage.

Step 6: Click on the AIS tab, located between the Activity History and Instructions sections.

Step 7. You will now have two download options. First, the Taxpayer Information System (TIS) and second, the AIS.

Step 8: Choose PDF Download under the AIS tab. When accessing the PDF for the first time, you will be asked for the password. Your password will be your PAN card number and your date of birth.

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