The season for filing income tax returns has started once again. The last date to file income tax returns for assessment year 2022-23 and financial year 2021-22 is July 31, 2022. The Income Tax Department is continuously appealing to the people to file ITR without delay through various means. At the same time, this time the Income Tax Department has changed some rules regarding ITR filing. It is necessary to know before filing ITR, otherwise later you may get a notice from the Income Tax Department.

In fact, the Income Tax Department has recently introduced TIS (Taxpayer Information Summary) and AIS (Annual Information Statement), which aims to simplify things for taxpayers and bring transparency in income tax return filing. First of all, let us know about the information related to Taxpayer Information Summary and Annual Information Statement.

What is AIS and TIS?

In the AIS (Annual Information Statement) taxpayers will have all the information about the income earned through different channels. In this, information about the interest received from savings account, interest received from recurring and fixed deposits, money received as dividend, income from transactions in mutual funds and other places will be found. At the same time, in TIS (Taxpayer Information Summary), information about the taxable amount will be found at one place. If you file ITR without seeing this, then the chances of making mistakes will increase. In such a situation, if there is a mistake in the income tax return, then the income tax department can send you a notice.

How to download AIS and TIS?

For this, first you have to go to the Income Tax Department’s website www.incometax.gov.in.
Now enter your information and login there.
After this, go to the Services tab in the menu.
Now select ‘Annual Information Statement (AIS)’ from the dropdown menu.
After this the option to download will come, from there you can download the statement in any format.
Similarly, you can download the taxpayer information summary by selecting it from the dropdown menu.

The post Income Tax Return Assessment year 2022-23: Do not file ITR without seeing TIS-AIS, Income Tax Department will send notice first appeared on Rightsofemployees.com.

The season for filing income tax returns has started once again. The deadline for filing Income Tax Return for the Financial Year 2021-22 (FY22) i.e. Assessment Year 2022-23 (AY23) is near. The Income Tax Department is constantly telling people not to wait for the ITR Filing Deadline and file your ITR immediately without delay.

Currently, the deadline for filing ITR is 31 July 2022. There is no guarantee that the deadline will increase. In such a situation, late-late taxpayers can be heavy. From this time, some rules of ITR filing have been changed. It is important to know about these changes before filing ITR, otherwise it is possible that even after filing ITR, you may get a notice from the Income Tax Department.

Keep these documents ready before filing return

The Income Tax Department has recently introduced AIS i.e. Annual Information Statement and TIS i.e. Taxpayer Information Summary. The department has started these to bring transparency in ITR filing and to make things simpler for the taxpayers. The Income Tax Department itself is also saying that before filing the return, keep some documents ready. The documents that the Income Tax Department is talking about include Form 16, bank statement, interest certificate from the bank, statement of home loan, if there is any deduction, its details, statement of profit and loss of demat account, 26AS and Annual Information Statement, if the tax invoice has been filled then its details, if any donation has been given then its details, if there is income from other sources then its details etc.

This is AIS/TIS

Let us first know what is AIS and TIS… In the new AIS form, taxpayers are given the details of all the income earned through different mediums. These include interest earned from savings accounts, income from recurring and fixed deposits, income from dividends, mutual funds, including Income from securities transactions, money received from abroad, etc. are included. To make ITR filing easier, the Income Tax Department has introduced TIS. In this, the taxpayers get a lump sum information about the taxable amount. Earlier the department started it on trial basis, now it has been made compulsory.

ITR filing made easy

Generally people, especially the salaried class, file ITR on the basis of Form-16. However, apart from this, many types of income and even gifts also come under the purview of income tax. This is where AIS and TIS prove to be helpful for taxpayers. In AIS, you get the details of every income from sources other than salary, which have been specified under the Income Tax Act 1961. Meaning it will get information about every income that belongs to the taxable category. In simple words, AIS can be called the detailed statement of all the financial transactions done during any one financial year. TIS is the summary of this.

How to Download AIS/TIS Online in this way…

First of all go to the Income Tax Filing Portal (www.incometax.gov.in).
Now log in to your account with the help of PAN Number, Password.
Go to the Services tab in the top menu.
Select ‘Annual Information Statement (AIS)’ in the dropdown.
A different website will open as soon as you click on Proceed.
Select the option of AIS on the new website.
Now you will get the option to download both AIS and TIS.
You can download AIS and TIS in PDF or JSON format.

The post ITR Filing Rules: Do not file ITR without seeing TIS-AIS, Income Tax Department will send notice first appeared on Rightsofemployees.com.