How you should use AIS to file tax returns
Previously, one could easily find details of income, tax deducted at source (TDS), etc., in the 26AS form and this aided the filing of income tax return (ITR). However, the tax department has now trifurcated the annual information statement (AIS) into three sections—AIS, taxpayer information summary (TIS) and statement of financial transaction (SFT). Sometimes, this is very confusing as all three sections can have different figures under a particular income head. How do I ensure that there are no errors in filing the ITR and avoid attracting a tax notice? —Dilip Saxena Form 26AS is an annual tax statement which primarily provides details of TDS, and tax collected at source (TCS), along with the corresponding income against which such deduction has been done.
These are on the basis of the details given by deductors or collectors of TDS or TCS in the statements filed by them. Further it also displays details of paid refunds, property purchases, high value investments, etc., during a financial year.
AIS provides a comprehensive view of information for a taxpayer displayed in Form 26AS. In addition to information relating to TDS and TCS and corresponding income, the AIS includes SFT information (based on information received from reporting entities) relating to interest on savings, deposits, dividend, rent received, purchase and sale transactions of securities, mutual fund transactions, miscellaneous payments such as credit cards, foreign remittances, tax payments, refunds etc.
Hence, there may be additional information in AIS, which may not be reflecting in your form 26AS. In case of any deviation in amounts with the taxpayer’s actual records and transactions, a taxpayer can provide feedback on information displayed in
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