Understand the role of AIS and TIS in income tax. Know how these statements help in accurate tax filing, what information they contain, and how to access them.
When it comes to filing income tax returns, accuracy and transparency are crucial to avoid any discrepancies or issues with the tax authorities.
To ensure that taxpayers have a hassle-free experience, the Income Tax Department has introduced two essential tools – AIS and TIS.
These are usueful to make tax filing more accurate and convenient. Both ar play crucial roles in the tax compliance process for individuals and businesses
What is AIS?
AIS means Annual Information System, it is a comprehensive statement that displays all the financial transactions of a taxpayer during a financial year.
Annual Information System includes details of:
- TDS/TCS transactions
- Savings account interest
- Dividend and rent received
- Purchase and sale of securities and immovable properties
- Foreign remittances
- Interest on deposits
- GST turnover
It also provides an option for taxpayers to give feedback on the transactions reported.
What is Taxpayer Information Summary (TIS)?
TIS is a statement that summarizes the tax information available with the Income Tax Department for a particular taxpayer.
It includes details of the taxpayer’s tax returns filed, taxes paid, refunds received, and other relevant information. The TIS statement can be accessed online through the Income Tax Department’s e-filing portal.
How to download AIS and TIS?
To access AIS and TIS, follow these steps:
- Log in to the income tax e-filing portal at https://www.incometax.gov.in/
- Click on ‘Annual Information Statement’ under the services section
- Click on the ‘Proceed’ button
- Select the relevant financial year
- View Taxpayer Information Summary (TIS) and Annual Information Statement (AIS)
- Download the both separately from this web page.
Why are AIS and TIS Important?
AIS and TIS are important because they help taxpayers:
- Identify high-value transactions
- Reconcile income and investments
- File accurate tax returns
- Track refund and demand status
Both are essential statements for taxpayers. Understanding their purpose and usage can help in accurate tax filing and compliance.
By accessing AIS and TIS, taxpayers can ensure that their financial transactions are up-to-date and accurate, making tax filing a smoother process.