What happens to AIS and how does it protect against income tax notices?

The season of Income Tax Return Filing has gained momentum. After June 15, companies have started giving Form-16 to their employees. Along with this, the number of people filing income tax returns has increased rapidly. This time the deadline for filing income tax return is 31 July 2023. In such a situation, it is wise to get this work done before the deadline approaches.

Form-16 alone will not work

However, there is a need to take precautions while paying income tax. If there is a small mistake, the Income Tax Department can hand you the Income Tax Notice. This is the reason why taxpayers are instructed to check some important documents thoroughly before filing the return. Form-16 for salaried taxpayers is very useful in this. On the other hand, if you are earning from somewhere other than salary, then Form-16 is not going to help you.

These 2 documents have become necessary

In case of income from any other sources, you will also need some other documents. For this reason, the Income Tax Department instructs taxpayers to check AIS and TIS. For this, the Income Tax Department now gives access to AIS and TIS to every taxpayer. The department has introduced both of these to bring transparency in ITR filing and to make self-filing easier for taxpayers. Both these documents have not only made it easier to file income tax returns, but matching them reduces the chances of mistakes.

What is AIS and TIS

First of all it is important to know what are these AIS and TIS after all… AIS i.e. Annual Information Statement and TIS i.e. Taxpayer Information Summary. AIS and TIS keep the details of all the income earned by the taxpayers. You have earned in the form of interest from savings account (Saving Account Interest Income) or Recurring and Fixed Deposit Income, received Dividend money (Income From Dividend) or Mutual Fund ) including securities transactions, all these details are in these documents.

Details of all types of income

In simple words, taxpayers get lump sum information of Taxable Amount in AIS. In AIS, you get the details of every income from sources other than salary, which have been specified under the Income Tax Act 1961. Meaning, information about every income that comes in the taxable category will be available in it. Wherein TIS is basically a summary of AIS.

How to Download AIS/TIS…

• Open the Income Tax Filing Portal (www.incometax.gov.in).
• Log in with the help of PAN Number, Password.
• Go to the Services tab in the menu above.
• Select ‘Annual Information Statement (AIS)’ from the dropdown.
• A separate window will open as soon as you click on Proceed.
• Select the option of AIS on the new website.
• Now you will get the option to download both AIS and TIS.
• You can download AIS and TIS in PDF or JSON format.

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