What is the use of Form 26AS?

Using the form 26AS, a tax payer can get a summary of the total amounts of TDS (Tax Deducted at source) that their employer or bank etc have deposited in their names.

Basically, Form 26AS gives a taxpayer a summary of all deductions of taxes from his account, including any demand orders that the department has issued against its taxpayers.

Basically, form 26AS gives you the income and TDS particulars for the following:

1. Your Salary
2. Rents / Fees for Technical Services
3. Interest / Royalty / Dividend details
4. Other TDS/ TCS details

What is AIS? What Information is present in AIS? How to download AIS?

AIS stands for Annual Information Statement. According to the lawmakers, when AIS is fully functional, it shall replace the existing form 26AS.

Annual Information Statement (AIS) is comprehensive view of information for a taxpayer displayed in Form 26AS. The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational.

Contents of Annual Information Statement.

AIS has two parts: part A and part B

Part A of AIS

This Part consists of general information of the taxpayer like Name, Date of Birth, Address, Phone number, PAN, Aadhar Number, Email Address etc

Part B contains the income and tax particulars of the taxpayer. It has 7 further sub-parts:

Part B1- Information relating to tax deducted or collected at source

This part contains All TDS/TCS deducted/collected from you quoting your PAN number. It contains the Information code of the TDS/TCS, Information description and Information value. Examples include:

1. Your Salary
2. Rents / Fees for Technical Services
3. Interest / Royalty / Dividend details
4. Other TDS/ TCS details

Part B2- Information relating to Specifed Financial Transaction (SFT)

The IT department receives information from various reporting entities in the Statement of Specified Financial transaction (SFT) under Section 285BA of Income Tax Act, 1961. (Form 61A (other reporting entities) or Form 61B (prescribed reporting financial institution).

You can find the following information in Part B2 of the AIS, with these particulars - (The SFT code, Information description and Information value)

(1) Transaction of purchase, sale/ exchange of goods or property or right or interest in a property; or

(2) Transaction for rendering any service; or

(3) Transaction under a works contract; or

(4) Transaction of making an investment or incurring an expenditure; or

(5) Transaction for taking or accepting any loan or deposit

(6) Nature and value of specified transaction required to be reported and specified persons who are required to report

(7) Cash Deposits > ₹10 lac in saving bank account

(8) Purchases of bank drafts, pay orders, etc > ₹10 lac in FY

(9) Cash payment made for FD > ₹10 lac in a FY

(10) Cash deposit or withdrawal > ₹50 lac current account in a FY

(12) Cash received > ₹2 lac for sale of goods or rendering of services

(13) Expenditure in foreign currency via debit card, credit card or travelers cheque > ₹10 lac in FY

(14) Payment by credit card > ₹10 lac on FY

(15) Credit Card bill paid in cash >  1 lac in FY x

(16) Mutual Funds investments > ₹10 lacs in FY

(17) Purchase of shares through Public Offer or right issue > ₹10 lacs

(18) Share buy-back from a person > ₹10 lacs

(19) Purchase of bonds or debentures < ₹10 lacs in FY

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Part B3- Information relating to payment of taxes

This part reflects all taxes that you have paid on your own (whether Advance Tax or self Assessed Tax or regular assessment tax) in the above mentioned headings.

Please note TDS will be shown in part B1 of the Annual Information Statement.



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Part B4- Information relating to demand and refund

This part contains these two instances of transactions made during the year.

1. Intimation of a A Show Cause Notice / demand of Income tax
2. Settlement of a Refund of Income Tax

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Part B5- Information relating to pending proceedings

You can find information of any income tax proceedings / appeal for which the Judge has not passed any order till date, in this part of the Annual Information statement.

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Part B6- Information relating to completed proceedings

Once the authority passes the order for the proceedings of part B6 , you can find it in this part of the AIS.

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Part B7- Any other information in relation to sub-rule (2) of rule 114-I

In this part of the AIS, you will find some information about any international transactions which attract the provisions of Double Taxation Avoidance Agreement, as per the provisions of rule 114-I of the Income Tax Rules

1. Interest from refund of income tax,
2. purchase of foreign currency/securities
3. Foreign remittance / Receipts from Abroad

You can find the complete rules of 114-I in the image below.

How to download AIS?

- Goto services tab of your Income tax portal (after logging in of course) and click the Annual Information Statement at the bottom.

- The Password for the AIS file is xxxxx####xddmmyyyy, where xxxxx####x is your pan in small case and ddmmyyyy is your date of birth. For example, if the PAN is AAAAA1234A and the date of birth is 21st January 1991 then your password will be aaaaa1234a21011991.