Now Before filing ITR, Check Your Every Earning with ‘AIS’, Know What is the Process?

Filing ITR: There is great news for the taxpayers. If you also file Income Tax Return (IT Return file), then now a special facility has been launched for you. Actually, the Income Tax Department has launched a new facility named “Annual Information Statement (AIS)” to make the process of filing Income Tax Returns easier.

Let us tell you that the taxpayers were waiting for AIS for a long time. Taxpayers can now verify their Income Tax Return (ITR) before filing it with the new Annual Information Statement and avoid facing the notices of the Income Tax Department in the future.

Finance Minister Nirmala Sitharaman had announced in the budget speech in the budget speech of 2021 that in order to further simplify the process of ITR filing, capital gains, dividend income from listed shares, and meetings with banks and post offices are now available. Information like interest, etc. will be already filled in the income tax return. As of now, the information related to income from salary, tax payment, and TDS, etc. is already available in Form 26AS available on the TRACES portal.

You will be able to see all the information in one place.

Earlier it was often the case that taxpayers forgot to give information about any taxable income in ITR like capital gain, dividend, fixed deposit, and interest on savings account on sale of shares/mutual funds. In recent years, the Income Tax Department has issued notices to several taxpayers for discrepancies in ITR returns.

However, now the annual information statement will store additional information like interest, dividend, share transactions, mutual fund transactions, foreign remittance information for the purpose of ITR filing.

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Learn how to download AIS

Step 1. Log in to the Income Tax Portal with the help of your PAN and Password.

Step 2. Click on the “Service” tab in the menu, then click on the Annual Information Statement (AIS) option in it.

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

Step 4. Now your AIS homepage will open.

Step 5. Read all the instructions given on the AIS homepage carefully.

Step 6. Click on the AIS tab given between Instructions and Activity History.

Step 7. Now you will get two options for download. First, the Taxpayer Information System (TIS) and second, the Annual Information Statement (AIS).

Step 8. In the AIS tab, click on Download PDF. On opening the PDF, you will be asked for the password. This password will be your PAN card number + date of birth. For example, if your PAN card number is AAAAA1234A and your date of birth is 21 January 1991, then your password will be AAAAA1234A21011991.