Tax season is in full swing, and knowing about Form-16, AIS, and TIS documents is crucial for filing your tax return.
Income tax return: The season for filing Income Tax Returns is in full swing, with companies issuing Form-16 to employees after June 15. The number of people filing tax returns has surged as well. The deadline for filing income tax returns is July 31, 2023, so it is advisable to complete this task before the deadline approaches.
However, it’s important to exercise caution while paying income tax to avoid any mistakes that could result in an Income Tax Notice from the department. Taxpayers are advised to carefully review some important documents before filing their returns. Form-16 is particularly helpful for salaried individuals, but it may not suffice if you have income from sources other than salary.
For income from other sources, additional documents are necessary. The Income Tax Department requires taxpayers to check the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). These documents are now accessible to all taxpayers and have been introduced to enhance transparency in the filing process and simplify self-filing. They not only facilitate the filing of income tax returns but also minimize the chances of errors.
AIS and TIS contain details of all the income earned by taxpayers, including interest income from savings accounts, recurring and fixed deposits, dividend income, and securities transactions. These documents provide comprehensive information on taxable amounts and summarize the details specified under the Income Tax Act 1961.
To download AIS/TIS:
1. Visit the Income Tax Filing Portal (www.incometax.gov.in).
2. Log in using your PAN number and password.
3. Go to the Services tab in the menu.
4. Select ‘Annual Information Statement (AIS)’ from the dropdown.
5. Click on Proceed to open a separate window.
6. Choose the AIS option on the new website.
7. You will then have the option to download both AIS and TIS.
8. Download the documents in PDF or JSON format as preferred.
Source: https://www.dnaindia.com/personal-finance/report-it-returns-what-are-ais-and-tis-and-how-do-they-help-in-avoiding-income-tax-notices-3048066
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