An Annual Information Statement (AIS) is a summary of all financial transactions made by a taxpayer during a financial year. It helps individuals and businesses reconcile their tax liabilities and file their tax returns accurately. This guide explains what an AIS is and provides step-by-step instructions on how to download your AIS from the government portal. Stay compliant with tax laws and ensure the accuracy of your tax returns by downloading your AIS today.

What is AIS? How to Download AIS?

Do you find the process overwhelming and confusing? Don’t worry; we’ve got you covered! An Annual information Statement is a crucial document that provides details of your earnings and expenditures for a financial year. It is essential for filing your income tax return, applying for loans, and other financial transactions. However, downloading the statement can be challenging, especially if you are unfamiliar with the process.

This blog will take you through the steps required to download your Annual information Statement for AY 23-24. We will also provide valuable tips and insights for a smoother and more manageable process. So, let’s dive in and get started on this critical financial task!

What is AIS? How is it essential for a Business or an Individual? 

An Annual information Statement (AIS) is a financial statement that summarizes a company’s revenues or an individual’s expenses and net income for a given period. This document is crucial for individuals and companies, providing a comprehensive overview of their financial health. In addition, it helps companies and individuals track their expenses, identify areas where they need to reduce their costs and plan for future investments. 

AIS also provide investors, creditors, and other stakeholders with valuable insights into the company’s financial performance, which can influence their investment decisions. Therefore, preparing accurate AIS to maintain transparency and trust with stakeholders is essential. Also, if you do not want to make any errors in your tax filing about your income or investment, the best way is to cross-verify your filing against the AIS registered through your PAN number. 

What detailed information can you access from the AIS? 

Information related to income is received from various sources, including –dividends, salary, recurring deposits, interest from a savings account, purchase or sale of bonds, equity shares, property transactions, mutual funds, and more. 

The statement will also consist of details of TCS, TDS, and any tax demanded or refunded

What is the primary difference between AIS and Form 26AS?

If you are looking for a comprehensive record of all transactions subjected to TDS deductions, then Form 26AS is your go-to document. It captures all details of payments made by employers, businesses, companies, or even individuals who have deducted TDS. 

However, if you want a more holistic view of your financial transactions, you must know about the Annual Information Statement or AIS. Unlike Form 26AS, AIS goes beyond TDS deductions to include all significant transactions that exceed a certain threshold and are received from multiple sources, such as financial institutions, banks, and primary regulatory bodies in India.

Step 1: Log in to the Income tax portal with your PAN and password

The first step involves logging into your account using your PAN Number and password. Click on this link: https://www.incometax.gov.in/iec/foportal to directly access the login page, in which you can enter the details and access your AIS. 

Once you have logged into your account successfully, the following screen will appear. First, select “Services” and opt for the drop-down menu options. 

Here, click on AIS to get access to your Annual information Statement. 

Once you have selected the AIS option, a pop-up box will appear on the screen. Here, click on Proceed. 

Once the steps above are completed, you will be redirected to the following page. Here, click on AIS again and click on the arrow button facing downward. 

This is the final step. Here, you need to click on the Download option, and you can have access to your AIS. (If you want your AIS in Online form, choose the PDF option or JSON format.) 

Downloading your Annual information Statement is essential to filing your taxes and managing your finances. Following the strategies outlined in this blog can simplify the process and avoid any potential errors or penalties. 

Do you want to learn more about managing your taxes and finances? Then, check out our other blogs on Taxnodes for expert advice and tips. We are eager to help you navigate the complexities of taxes and make informed decisions about your money.