AIS: is an Annual Information Statement that reveals the taxpayer’s financial and tax-related information. This has details of all the transactions which are reported by entities like banks, registration offices, regional transportation office, authorized dealers dealing foreign exchange, stock exchanges, mutual funds, companies issuing shares and debentures, RBI, all the taxpayers who are liable to deduct and collect tax at source, under Annual Statement of Financial Transactions which they are required to furnish to the tax department.
Provided that An income tax payee’s details will reflect in the AIS only if the aggregate amount of the transaction falling in that category and with that entity exceeds the threshold limit prescribed.
The AIS report has 2 parts: (1) Taxpayers Information Summary (TIS) and (2) Annual Information Statement (AIS).
Form 26 AS: is an Annual Statement, that provides details of:
– Tax deducted on your income by all the tax deductors
– Details of tax collected by collectors
– Advance tax paid by the taxpayer
– Self-assessment tax payments
– Regular assessment tax deposited by the taxpayers (PAN holders)
– Income tax refund received by you during the financial year
– High-value transactions regarding shares, mutual funds, etc.
– Additional details like mutual fund purchase and dividend, interest on income tax refunds, off-market transactions, foreign remittances, salary break-up details, etc.
– Information on specified financial transactions
– Pending and completed assessment proceedings
– Tax demands and tax refunds.
Form 26AS has Part A to Part H.
Author Bio
In 26AS wgile the TDS is shown, the total of TDS is shown In AIS the Investment Total is shown and not total of TDS