Good news for taxpayers: the income tax department has introduced a new mobile app known as the Annual Information Statement (AIS) app, which offers detailed insights into their financial transactions. While the Form 26AS provided by the income tax department typically displays only TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) information, the AIS mobile app goes further by providing additional details, including information about advance tax, self-assessment tax, and tax refunds.
Here’s how you can download the AIS mobile application:
- Visit the Google Play Store on your mobile device.
- In the search bar, type “Annual Information Statement (AIS) for Taxpayers.”
- You can also install the AIS mobile application directly using this link: AIS Mobile App
The term “AIS” stands for Annual Information Statement, which serves as a comprehensive record of all the financial transactions made by the assessee during the fiscal year. This statement proves to be especially useful when filing income tax returns because it contains additional transaction data such as interest income, dividends, security transactions, and mutual fund investments.
In contrast, Form 26AS provides information related to tax deductions, tax collections, and the Permanent Account Number (PAN) for the financial year. It is advisable for taxpayers to keep their financial records in order, including a tax passbook, Form 26AS, and transaction data for the fiscal year, along with their PAN, when filing their income tax returns. To obtain Form 26AS, you can visit the income tax department’s website and select the “Income tax return” option in the e-filing menu, where you can access Form 26AS.
Form 26AS contains information on various aspects, including TDS details, data from tax collectors (encompassing self-assessment tax, advance tax, tax refunds), yearly information reports, high-value transactions, property tax deductions, tax deductions on significant amounts, and additional tax-related details.
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