All About AIS

• The Annual Information Statement is a system which accounts for a taxpayer’s financial transactions, such as dividends, income, foreign remittances, and securities transactions, giving a better insight into income sources.
• AIS permits the taxpayers to give in online feedback and also download the information in PDF, JSON, and CSV file formats.
• Enables pre-filling of return.
• AIS Utility also allows taxpayers to view AIS and provide feedback in an offline mode.
• In order to check AIS, a taxpayer needs to navigate to the official website at https://www.incometax.gov.in and log in with the account credentials. The statement could be found under the ‘Services’ section; from there the taxpayer needs to select ‘Annual Information Statement’. The information can also be downloaded in PDF or JSON format.

Difference Between AIS and Form 26AS

The major difference between Form 26AS and AIS is that:

Form 26AS

• Form 26AS accounts only for high-value transactions and tax deductions such as TDS, TCS, self-assessment tax, advance tax, etc.
• Used by taxpayers for tax compliance, verifying tax credits, and filing income tax returns.
• Low chances of accuracy as it doesn’t contain feedback from taxpayers.
• Limited to the Indian Tax system.

AIS

• AIS provides a detailed overview of income and transactions.
• Used for personal finance management.
• Greater accuracy as it includes feedback from taxpayers.
• Differs depending on the country and the financial institution being taken in account