Form 26AS and the Annual Information Statement (AIS) are two of the most important documents you need before filing your Income Tax Return. They reflect all TDS deducted from your income, taxes paid, and now — through AIS — a comprehensive view of all your financial transactions reported to the IT department. Using these documents correctly ensures your ITR is accurate and avoids notices.
What is Form 26AS?
Form 26AS is the Tax Credit Statement — a consolidated statement of all taxes paid against your PAN. It includes:
- TDS deducted by employers (salary — Form 16), banks (interest), clients (professional fees), etc.
- TCS collected at source
- Advance tax and self-assessment tax paid by you
- Income Tax refunds received
- High-value transactions reported by banks and institutions
What is AIS (Annual Information Statement)?
The AIS was introduced in 2021 and is a more comprehensive successor to Form 26AS. It includes everything in Form 26AS plus:
- Interest income from all bank accounts and NBFCs
- Dividend income from mutual funds and shares
- Securities transactions (mutual fund purchases and redemptions, stock transactions)
- Foreign remittances and forex transactions
- Real estate transactions (purchase and sale of immovable property)
- GST turnover data
- Foreign travel (from immigration data)
How to Download Form 26AS
Log in to the Income Tax portal (incometax.gov.in) → e-File → Income Tax Returns → View Form 26AS (redirect to TRACES portal) → Select the assessment year → Download in PDF or text format.
How to Download AIS
Log in to the Income Tax portal → Click on your name in the top-right corner → Select AIS → View Annual Information Statement → The AIS is displayed for the selected year and can be downloaded in PDF or JSON format.
How to Reconcile with Your Books
Step 1 — Check TDS entries: Every TDS deducted by any party (employer, bank, client) should appear in both Form 26AS and your own records. Mismatch = incorrect TDS credit claim or the deductor has not filed returns.
Step 2 — Check AIS income: All income shown in AIS (interest, dividend, property transactions) should be reflected in your ITR. The IT department pre-fills ITR based on AIS data — review carefully before submitting.
Step 3 — Respond to incorrect entries: If any AIS entry is incorrect, you can submit feedback on the AIS portal. "Information is correct," "Income is not taxable," "Information is duplicate" etc. are the available feedback options. Provide feedback before filing your ITR for the year.
Conclusion
Form 26AS and AIS are your roadmap to an accurate ITR. Reconciling these documents before filing prevents notices and ensures you claim all available TDS credits. SPOTON's CA team reviews Form 26AS and AIS for all clients and ensures ITRs are fully reconciled. Contact us for expert ITR filing services in Kerala.
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