The deadline for filing Income Tax Returns (ITR) is July 31st. If you haven't filed your ITR yet, do it soon. When filing your return, Form 16 along with Form 26AS is necessary. Did you know there's another form you need besides these two? This form contains all details related to your transactions. Missing anything while filing an ITR can lead to complications.
The form referred to is called AIS (Annual Information Statement). This form contains information about the transactions that you conduct online or use PAN (Permanent Account Number) for. Sometimes, Form 16 or 26AS may not contain details of certain transactions, but AIS includes them. Therefore, before filing your return, ensure to reconcile all your transactions using the AIS form. If there are transactions present in AIS but not in Form 16 or 26AS, make sure to report them while filing your ITR.
The government has linked every aspect of everyone's transactions with their PAN card. All information related to any transaction linked to your PAN card is stored with the government. This information also needs to be provided in the ITR form. Sometimes, we forget to include details of such transactions in the ITR form. For this reason, the Income Tax Department has launched a special facility called AIS (Annual Information Statement) for taxpayers.
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When filing income tax, ensure to check all forms. Verify dividend income, interest received from banks and post offices, capital gains from listed shares, share transactions, mutual fund transactions,
foreign remittance information, and so forth.
You can download this form from the official Income Tax website, incometax.gov.in. You'll need to log in to the website first. Then, navigate to the Annual Information Statement (AIS) section and click on Proceed as provided there.
Failing to check transactions through AIS and omitting any transaction not mentioned in your ITR when filing can result in receiving an income tax notice. Failure to respond to this notice could potentially lead to imprisonment.
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