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On 1st Nov 2021 Income Tax Department has announced rollout of a new statement - AIS (Annual Information Statement).

This (AIS) will give you all details (well almost all!) about YOUR financial transactions during the year.

Q1) What is AIS (Annual Information Statement)?

You know earlier Income Tax used to give statement 26AS.

AIS is a much detailed one - with many more details included - like your Savings Interest, all Mutual Fund transactions during the year etc.

What is new Annual Information Statement (AIS) and Taxpayer Information Summary (TIS)

Q2) Will 26AS be stopped?

Answer is No.

a) Now you can get both 26AS and AIS.
b) Both put together, Income Tax department knows all your financial transactions.
c) And it's good as now you will find it very easy to know and submit details for your Income Tax returns.

 

Q3) How to access my AIS?

a) Log in to your Income Tax account at incometax.gov.in
b) Go to Services Tab.
c) Last option in this tab is the AIS option.

Screenshot below

Screenshot

When you click on the AIS option in the above drop down it will open a new tab with below options. It has 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.

Screenshot

Screenshot

Screenshot

When u download u get a pdf statement (There is j son option also, but let's stick to PDF now). PDF will be password protected. Password is your PAN Number (in CAPITAL) + Date of Birth.

  • Ex: ABCDE2708H if this is your PAN and Date of birth is 04 Nov 1981
  • Password: ABCDE2708H04111981

Q4 what sort of information AIS Captures?

AIS captures all your financial transactions of last year i.e.

a) Interest you got (even of your Savings Account)
b) Salary or Income
c) Mutual Fund Transactions.
d) Any Dividends.

 

It will also capture all transactions related to

a) Stocks
b) Insurance
c) Credit Cards
d) Purchase of property

(The above list is just indicative. It is your overall financial profile and will getting fine-tuned to include more categories.)

A snapshot of summary is shown below.

Screenshot

Screenshot

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Category Income Tax, Other Articles by - CA RAJAT RAWLANI 



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