In the new AIS form, taxpayers are given the details of all the income earned through different means. The Income Tax Department says that AIS will bring transparency in ITR filing and make things simpler for taxpayers. Experts say that with the help of AIS, filing income tax becomes very easy.
If you are preparing to file Income Tax Return Filing, then do not be in a hurry at all. Actually, the ITR deadline for the financial year 2022-23 (FY23) is 31 July. The Income Tax Department is constantly encouraging people to file ITR. Due to which there has been a rapid increase in the number of ITR filers in the last few years.
In the last few years, the Income Tax Department has tried to make the ITR filing process more easy. Therefore, before filling ITR this time, you should know about the changes.
Keep these documents ready before filing the return
Income Tax Department has introduced AIS (Annual Information Statement) and TIS (Taxpayer Information Summary) to make ITR easier. The department says that AIS will bring transparency in ITR filing and make things simpler for taxpayers. Experts say that with the help of AIS, filing income tax becomes very easy.
That’s why you must have AIS before filing ITR. Do not file ITR until AIS is received by you. Because there can be a difference in the figures if ITR is filed without AIS. Although the updated AIS is not yet available, it is likely that this document will be available to taxpayers in the first week of May.
What is AIS?
In the new AIS form, taxpayers are given the details of all the income earned through different means. These include savings account interest income, recurring and fixed deposit income, income from dividend, mutual funds, and Income from securities transactions, money received from abroad etc. are included. To make ITR filing easy, you will see all types of transactions in AIS. In this, taxpayers get lump sum information about the taxable amount. Earlier the department had started it on trial basis, now it has been made compulsory.
Generally, the salaried class files ITR on the basis of Form-16. However, apart from this, many types of income and even gifts also come under the ambit of income tax. This is where AIS and TIS prove to be helpful for taxpayers. 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 is in the taxable category will be available in it. In simple words, the detailed statement of all the financial transactions done during a financial year can be called AIS. TIS is the summary of this.
Download AIS/TIS online like this (How to Download AIS/TIS)…
- First of all go to the Income Tax Filing Portal (www.incometax.gov.in).
- Now log in to your account with the help of PAN number and password.
- Go to the Services tab in the top menu.
- Select ‘Annual Information Statement (AIS)’ from the dropdown.
- A separate website 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.
Apart from this, now the AIS app has also been launched. Whose name is AIS For Taxpayers. With its help, taxpayers will be able to easily view the information available in Annual Information Statement (AIS) or Taxpayer Information Summary (TIS) on their phones. This mobile application can be downloaded for free from Google Play and App Store.
Process of Registration on AIS App
- Open Google Play Store on your mobile phone.
- Now search by typing AIS for Taxpayers in the search option.
- After this the AIS app will appear on your mobile screen.
- Click on the install option given next to it and it will be downloaded.
- After the app is downloaded in the phone, open it and fill the PAN card details.
- After registering yourself through PAN details, OTP will come on your registered number.
- Authentication will have to be done through this OTP and registered e-mail on the e-filing portal.
- After this, you can start using the mobile by setting a 4 digit PIN.
Through AIS App, taxpayers can get information of 46 types of transactions on their mobile phones. Apart from this, filing of Income Tax Return (ITR) will also become easier. Through the information available on this, taxpayers can avoid mistakes while filing ITR.
Apart from this, keep some documents ready before filing the return. Among the documents that the Income Tax Department is talking about, Form 16, bank statement, interest certificate received from the bank, if there is a home loan, then its statement is necessary.
