Latest news with #AnnualInformationStatement
News18
a day ago
- Business
- News18
ITR Filing 2025: Why Checking Annual Information Statement Can Save You A Tax Notice
Income Tax Filing 2025: The Annual Information Statement (AIS) is a vital tool introduced by the Income Tax Department of India to enhance transparency and simplify tax compliance for the Assessment Year (AY) 2025-26. Unlike Form 26AS, which primarily details Tax Deducted at Source (TDS) and Tax Collected at Source (TCS), AIS offers a broader view of a taxpayer's financial transactions. It includes income from salaries, interest, dividends, stock and mutual fund transactions, foreign remittances, and high-value purchases, making it essential for accurate Income Tax Return (ITR) e-filing. The tax department has released Excel-based utilities for all four ITR forms. The online filing is available for ITR-1, ITR-2 and ITR-4 now. The deadline for ITR filing for FY 2024-25 (AY 2025-26) is September 15, 2025, extended from July 31, 2025.
News18
3 days ago
- Business
- News18
Form 26AS Explained: A Must-Have For Hassle-Free ITR Filing
A critical financial tool that summarises all the tax deducted on behalf of the taxpayer, the Form 26AS can be downloaded from the Income Tax Department's official website. Form 26AS is a consolidated Annual Information Statement for a particular financial year from the income tax department, mentioning the tax deducted on behalf of the taxpayer. Form 26AS is a critical exemption tool, helping individuals save their net income by providing a detailed account of their tax assessment. This statement helps cross-verify the deductions and refunds due to a salaried individual when they file for the ITR, summarising various details. Apart from the Tax Deducted at Source (TDS) and Tax Collected at Source (TCS), the Form 26AS also contains advance tax/self-assessment tax/regular assessment tax deposited, the refund received during a financial year (if any), details of any Specified Financial Transactions (SFT) (if any), details of tax deducted on sale of immovable property u/s194IA (in case of seller of such property). The form also provides details of any defaults made on TDS, while featuring information related to the demand and refund and details of pending and completed proceedings. Salaried employees check their Form 26AS to verify that the TDS deducted by their employer is correctly deposited and confirm advance or self-assessment tax payments. It helps match the income sources and prevent any tax notice. One can also avoid refund delays that may be caused by the tax credit mismatches. Here is a step-by-step guide on how you can download the Form 26AS: Step 2: Log in to the site's e-filing portal Step 3: Navigate to the 'e-file', followed by the Income Tax Returns and click on View Form 26AS Step 4: Go through the disclaimer. Once you click confirm, you will be redirected to the TDS-CPC Portal. Step 5: Once you enter the TDS-CPC Portal, agree to the acceptance of usage and click 'proceed' Step 6: Click on View Tax Credit (Form 26AS) Step 7: Select the 'Assessment Year' and 'View Type', which could be HTML or text. Step 8: Finally, click on View/Download If your Form 26AS download file is password protected, use your registered date of birth or date of incorporation printed on the Permanent Account Number (PAN) card to open it. The DOB password is to be typed in ddmmyyyy format. If an individual was born on 28th November, 1996, the password will be 28111996. view comments First Published: July 18, 2025, 16:36 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Economic Times
4 days ago
- Business
- Economic Times
How to download AIS, TIS for ITR filing FY 2024-25 (AY 2025-26)
ET Online How to download AIS Before submitting your Income Tax Return (ITR), you should have a thorough understanding of your financial activities as reported to the Income Tax Department. The Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) provide a consolidated snapshot of your income and financial data. These tools not only improve transparency but also help ensure your return is accurately pre-filled, reducing the chances of mismatches or notices from the tax department. Here's how you can access and download your AIS and TIS from the Income Tax portal. What is the Annual Information Statement (AIS)? Annual Information Statement (AIS) is an extended version of Form 26AS. AIS gives a comprehensive view of information for a taxpayer displayed in Form 26AS. AIS displays complete information to the taxpayer with a facility to capture online feedback. AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information). Income Tax: Changing these details on e-Filing website? Here's are the ways you can e-verify it How to download the Annual Information Statement? You can download the AIS functionality by following below mentioned steps: Step 1: Login to URL 2: After logging in, click the Annual Information Statement (AIS) menu on the 3: Click on Proceed button which will redirect to AIS portal and click on AIS tile to view the Annual Information 4: Click on Download optionAlternatively,Step 1: Login to URL 2: After login, click the e-File 3: Click on Income Tax Return > View 4: Click on proceed button which will redirect to AIS portal and click on AIS tile to view the Annual Information Statement and click on download option. You can download Annual Information Statement (AIS) in PDF, JSON, CSV file formats. What is Taxpayer Information Summary (TIS)? What does it contain under AIS? Taxpayer Information Summary (TIS) is an information category wise aggregated information summary for a taxpayer. It shows value processed by the system (i.e. value generated after deduplication of information based on pre-defined rules) and value accepted by taxpayer under each information category (e.g. Salary, Interest, Dividend etc.). The information accepted by taxpayers in TIS will be used for pre-filling of return, if applicable. Also read: What is Form 26AS, AIS and TIS in income tax? How to view and download Taxpayer Information Summary (TIS)? Step 1: Login to URL 2: After login, click the Annual Information Statement (AIS) menu on the 3: Click on Proceed button which will redirect to AIS portal and click on TIS tile to view the Taxpayer Information will be shown various details within the Taxpayer Information Summary such as, Information Category Value processed by system Value accepted by taxpayer Further, within an Information Category, following information is shown: Part through which information received Information Description Information Source Amount Description Amount (Reported by Source, Processed by System, Accepted by Taxpayer) Important FAQs What is the AIS Consolidated Feedback file? AIS Consolidated Feedback file (ACF) gives the taxpayers a facility to view all their AIS feedback (other than feedback, 'Information is correct') related information in one pdf for easy understanding. After submitting the feedback of the AIS, you can download the AIS consolidated feedback file (PDF). Is there any limit on the number of times I can modify a given feedback? Currently, there is no limit on the number of times you can modify previously given feedback.
Indian Express
5 days ago
- Business
- Indian Express
Received an Income Tax notice after filing? don't panic, do this first
An income tax notice can be worrying, but it often doesn't mean big trouble. Many are just regular messages or simple requests for more information from the Income Tax Department, especially as more things move online. The best way to handle them is to stay calm, be accurate when you reply, and make sure you send it on time. What triggers an income tax notice? An income tax notice can be triggered by issues as straightforward as a mismatch. This occurs when the income you have declared does not match with the data available in your Form 26AS or AIS (Annual Information Statement). Other common triggers include missing documents, claiming a deduction without adequate supporting evidence, or not reporting certain interest income. Furthermore, high-value transactions, such as a substantial bank deposit, a property acquisition, or significant credit card expenditures, can draw the tax department's attention. In most instances, these are not indicative of fraud or malpractice, but rather discrepancies or gaps in information. Fortunately, these issues are typically resolvable. Here are the key steps you should take upon receiving such a notice. Read the notice carefully and understand its purpose Notices are issued under various sections of the Income Tax Act, each serving a distinct purpose. For example: Section 143(1): This represents the initial, automated assessment of your tax return. The Income Tax Department compares your submitted return with the data it already possesses, including TDS details, bank interest, or income from other sources. If all information aligns, you will receive an intimation confirming it. However, if a discrepancy is identified, this notice may inform you of an adjustment to your tax liability or refund amount. Section 139(9): A notice under this section indicates that your tax return is considered 'defective' due to missing or incorrect information. It requires you to rectify the identified deficiencies. Section 143(2): Conversely, receiving a notice under this section signifies that your return has been selected for a detailed scrutiny by the tax department. A tax officer will conduct a thorough examination to verify your income, deductions, and claims. Check the notice date and respond within the deadline Every notice specifies an issue date and a deadline for your response, typically ranging from 15 to 30 days. Failure to adhere to this deadline could result in the department processing your return without your input, or even the imposition of penalties. What's most important is to act promptly, even if it requires seeking professional assistance. Match your Form 26AS and AIS with your return You may receive a notice if there is a discrepancy between the income reported in your tax return and what is reflected in your Form 26AS or AIS. The system will flag instances where you have overlooked reporting income from sources such as bank interest or dividends. For example, if you declared ₹10 lakh as total income, but your AIS indicates an additional ₹25,000 from unrecorded fixed deposit interest, you could receive a Section 143(1) notice adjusting your tax liability. To prevent such scenarios, it is always advisable to cross-verify your Form 26AS and AIS before filing, particularly if you derive income from multiple sources. Respond on the income tax portal with supporting documents You can conveniently submit your response online through the official Income Tax portal. Simply upload all relevant documents, like salary slips, TDS certificates, or investment proofs, and provide your clarification under the 'e-Proceedings' tab. Don't hesitate to seek professional help if the matter is complex While straightforward notices can often be managed independently, more complex situations, such as scrutiny notices under Section 143(2) or reassessment under Section 148, may warrant the expertise of a tax professional. Don't let a tax notice cause undue stress. While some may indicate errors, many are simply part of the standard process, and solutions are always available. Your best approach is to examine it closely, respond without delay, and get expert help if the situation is complex.
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Business Standard
5 days ago
- Business
- Business Standard
Guide to filing tax return: View all your financial activities in one place
As you get down to file your Income Tax return (ITR), check whether the authorities have collected the correct information about you. The tax department provides two documents to help people in that: The Annual Information Statement (AIS) and the Taxpayer Information Summary (TIS). The two documents are a consolidated record of your financial transactions in a year, making it easier to verify information before submitting your ITR. The Central Board of Direct Taxes (CBDT) has asked taxpayers to download and review these reports to avoid mismatches and potential notices later. Here's a guide to access and download your AIS and TIS. What are AIS and TIS? According to the CBDT, the AIS is a detailed record of financial activities such as TDS/TCS, interest earned, dividend income, share market transactions, and more. It's a comprehensive record drawn from various sources like banks, mutual funds, and employers. TIS is a summary of the AIS to help taxpayers quickly understand the aggregated information under various categories. How to download AIS and TIS To access these statements, follow these simple steps: 1. Go to and sign in using your PAN/Aadhaar and password. 2. Click on 'Services' and select 'Annual Information Statement (AIS)'. 3. Select 'FY 2024-25' from the dropdown and click 'Proceed'. 4. Download the reports – -For AIS, click the download icon to save a PDF or JSON file. -For TIS, view it online or download a PDF for easy reference. <Open downloaded files. Use your PAN (in uppercase) combined with your date of birth in DDMMYYYY format to unlock them. Why should you check AIS and TIS According to the CBDT, reviewing these statements ensures all your financial information is accurately captured. If there are discrepancies, you can submit feedback online for correction before filing your return. A review can help you avoid unnecessary delays and notices from the tax department.
