Before filing your ITR, make sure you check your AIS thoroughly. Match it with your income and bank statements. If anything is missing or wrong, you can submit feedback in AIS directly on the portal.
What is AIS?
AIS stands for Annual Information Statement. It shows detailed information related to:
- Your income
- Your financial transactions
- Tax deducted (TDS) or collected (TCS)
This data is collected from different sources like banks, employers, mutual funds, property registrars, brokers, etc.
AIS is governed by Section 285BA of the Income Tax Act, and reporting is done through various SFTs (Specified Financial Transactions) as per Rule 114E.
Why is AIS Important?
- It helps you cross-check your income and transactions.
- It ensures full disclosure while filing ITR.
- It reduces the chances of getting a notice.
You should always download and verify your AIS before filing your return.
List of 50 Types of Incomes and Transactions Reported in AIS
- Salary Income
- Rent Received
- Dividend Received
- Interest from Savings Bank
- Interest from Fixed/Recurring Deposits
- Interest from Other Sources
- Interest from Income Tax Refund
- Rent on Plant and Machinery
- Lottery/ Crossword Winnings (Sec 115BB)
- Winnings from Horse Race (Sec 115BB)
- PF Withdrawal (Sec 10(12))
- Interest from Infrastructure Debt Fund (Sec 115A(1)(a)(iia))
- Interest from Specified Company by Non-Resident (Sec 115A(1)(a)(ii))
- Interest on Bonds & Government Securities
- Income from Units of Non-Resident (Sec 115A(1)(a)(iii))
- Income from Offshore Fund (Sec 115AB)
- Income from Foreign Currency Bonds or Shares (Sec 115AC)
- FIIs Income from Securities (Sec 115AD)
- Specified Fund Income (Sec 115AD)
- Insurance Commission (Sec 194D)
- Receipts from Life Insurance Policies (Sec 10(10D))
- Withdrawal from National Savings Scheme (Sec 80CCA)
- Commission from Sale of Lottery Tickets
- Income from Securitization Trust (Sec 115TA)
- Gain from Repurchase of Mutual Fund/UTI Units (Sec 80CCB)
- Sale of Land or Building (Sec 50C)
- Transfer of Immovable Property (Sec 194-IA)
- Sale of Vehicle
- Sale of Shares or Mutual Fund Units (Sec 111A/112A)
- Business Receipts
- GST Turnover
- GST Purchases
- Business Expenses
- Rent Paid
- Cash Deposits (Sec 285BA r/w Rule 114E)
- Cash Withdrawals (Sec 194N)
- Foreign Remittance or Currency Purchase (Sec 195/SFT)
- Foreign Inward Remittance
- Payment to NR Sportsmen/Association (Sec 115BBA)
- Foreign Travel (SFT – Rule 114E)
- Purchase of Property (Sec 194-IA)
- Purchase of Vehicle
- Time Deposit Investments (SFT)
- Purchase of Securities or Mutual Funds
- Credit/Debit Card Payments
- Income from Business Trusts (Sec 10(23FC))
- Income from Investment Funds (Sec 115UB)
- Donations Received
- Crypto/Virtual Digital Asset Transfer (Sec 115BBH)
- Winning from Online Games (Sec 115BBJ)
Final Words
Filing a return without matching your AIS can lead to scrutiny, notices, or tax demand. Stay informed. Stay compliant.
