Don’t get a tax notice this year! Before you file your ITR, a quick check of your Annual Information Statement (AIS) is essential. The Income Tax Department is using AI and analytics to cross-verify your declared income with the data in your AIS, so any mismatch could lead to a penalty.
What is AIS?
AIS is a comprehensive summary of all your financial transactions reported by banks, employers, and other institutions. It goes beyond the old Form 26AS by including details like:
- Salary and interest income (including from savings accounts)
- Dividends and capital gains
- Property and high-value transactions
Why You Must Check Your AIS
- Avoid Mismatches: A difference between your ITR and AIS can trigger an automated notice from the tax department.
- Prevent Penalties: Mismatches can lead to penalties up to 200% of the underreported tax and interest.
- Ensure Accuracy: The AIS provides a complete picture of your income, helping you file an accurate return.
How to Check Your AIS:
- Go to
www.incometax.gov.inand log in. - Navigate to “Services” > “Annual Information Statement (AIS)”.
- If you find any discrepancies, use the “Add Feedback” option to report them.
Taking a few minutes to review your AIS now can save you weeks of stress later. Make it a mandatory step before hitting ‘Submit’ on your ITR!