For this purpose, there are two critical documents that all taxpayers must know about. These are the Annual Information Statement (AIS) and Annual Tax Statement (Form 26AS).
From Assessment Year 2023-24 onwards, Form 26AS is mainly designed to show Tax Deducted at Source (TDS), Tax Collected at Source (TCS) and tax payment details. Meanwhile, AIS provides a wider view of a taxpayer’s financial activities, consolidating all types of transactions at one place.
How do these two differ in features?
Form26AS: This is a document that focuses on tax credits, specifically Tax Deducted/Collected at Source (TDS/TCS) and tax payments. It is available on the TRACES portal.
Steps To Access Form26AS:
- Visit the official Income Tax e-Filing Portal and log in
- Go to e-File > Income Tax Returns > View Form 26AS
- Accept the disclaimer to access the TRACES portal
- Select the relevant Assessment Year
- Choose your preferred format to view Form 26AS
Steps to access AIS:
AIS provides a detailed record of financial activities, including savings account interest, dividends, share transactions, mutual fund investments, etc. It also lets taxpayers submit feedback on incorrect entries and includes the Taxpayer Information Summary (TIS), which provides a source-wise summary of financial transactions.
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As per the tax department website, the objectives of the AIS are to provide taxpayers complete financial information before filing ITR. It also helps improve voluntary compliance, supports seamless pre-filling of returns and discourages tax evasion or non-compliance.
To access AIS, follow these steps:Step 1: Login to URL https://www.incometax.gov.in/.
Step 2: After login, click the Annual Information Statement (AIS) menu on the dashboard.
Step 3: Click on Proceed button
Step 4: You will be redirected to the AIS portal
Step 5: Click on the AIS tile to view the Annual Information Statement.
