The AIS is basically a tool in income tax portal which provides the comprehensive information about the income received and transactions carried out by the taxpayer in a particular financial year from various sources. This information is available in the annual information statement or AIS and can be accessed by a taxpayers from income tax portal. Here is a look at income categories that reflect in the AIS.
AIS is governments new step that will replace form 26AS in future. AIS is Detailed form where as 26AS is brief description.
So while filing income tax return one has to be very careful as all the details are already available with department.
SALARY: AIS will provide the complete details about the salary amount earned by the taxpayer along with the TDS means tax deducted by employer, if any including the TAN of employer and PAN of employee. The Gross salary including all exempt allowances will be reflect in AIS.
AIS will also show Rental income received by an Assessee in following cases
- If the taxpayer is receiving rent of Rs 50,000/- or more per month;
- If the taxpayer has given the PAN to his tenant and his tenant has given PAN to his employer to claim HRA exemption from salary.
- If the taxpayer has received rent from land, building, machinery etc. where TDS has been deducted at the rate of 10% by the tenant.
As per the new income tax portal, the information of any rent received by the taxpayer will be summed up at PAN level. And the employer is liable to reports the PAN of landlord to whom rent is paid by an employee in Annexure II of the TDS statement/return. The sum of rent received by the taxpayer from all tenants (in case of rent receiving from more than one tenant) will be reflected in the Taxpayer Information Summary.
Dividends received by the taxpayer will also reflect in AIS from equity shares, mutual funds. Further, tax deducted by the companies on such dividends, mutual fund will also be reflected in the AIS.
INTEREST FROM SAVINGS BANK
Any Interest paid or credited or accrued on savings account held by the taxpayer during the financial year will be reported in the AIS. Do keep in mind that interest earned from savings account is taxable. However, taxpayers are allowed to claim deduction of up to Rs 10,000/- under section 80TTA except for senior citizens and super citizens.
Interest from Deposits
If Interest earned by the taxpayers from deposits like fixed deposits, recurring deposits. And any tax has been deducted, then it will be reflected as well in the AIS. Reporting entities, like banks, inform the income tax department about the interest paid/credited/accrued on fixed deposits and recurring deposits. Reporting entities include banks, post office etc. Interest from FD and RD are fully taxable. However, senior citizens and super senior citizens can claim deduction of Rs 50,000/- under section 80TTB.
Interest from other sources
If the taxpayer have received the interest from other than savings account, term deposits, recurring deposits, etc. then such interest details will be reported to the income tax department by the paying entity. This interest income earned from other sources will also be reflected in taxpayer’s AIS.
Note:” This document has been written to provide update in simple/ lucid language. The Author shall not be responsible for any decision made based on the content of this document. Care has been taken to produce authentic and reliable information, however the users are expected to obtain professional advice before implementing.