Check your AIS every Quarter: Many taxpayers check their Annual Information Statement (AIS) before filing Income Tax Return only once in a year. The Finance Ministry says that taxpayers should check their AIS every quarter. This will help them to know about any error in AIS. Then, it can be fixed.
AIS contains more information than Form 26AS. Form 26AS contains details of property purchases, high value investments and TDS/TCS transactions in a financial year. AIS also contains many additional information including savings account interest, dividends, rent income, transactions related to the purchase and sale of securities, money received from abroad, GST turnover.
What has the Finance Ministry said?
Kamlesh Varshney, Joint Secretary in the Finance Ministry, in a program on Monday advised taxpayers to check their AIS every quarter. He said, “You should check your AIS not only at the time of return filing but every quarter. With this, any discrepancy found can be reported. This can help to nab any person who has taken any kind of benefit wrongly. Is. “
What is the impact of AIS?
He said that due to AIS, many people have started following the rules related to income tax. The reason for this is that through this, the assessee gets all the information about the financial transactions related to it while filing the income tax return. He gave an example and explained how tax compliance is increasing due to this.
He said that if an employee submits a fake declaration to his employee to claim HRA deduction, he can be caught. The reason for this is that its declaration will also be available on the AIS of the person in whose bank account the rent money has been credited. That’s why he advised the taxpayers to check the AIIS every quarter.
FAQ’s on AIS (Annual Information Statement)