Difference between Form 26AS and AIS

Often, people get confused about Form 26AS and AIS as both documents contain information related to tax payments in a financial year.

Form 26AS: Annual Tax Statement
AIS: Annual Information Statement

So, what is the main difference?

Starting AY 2023-24, Form 26AS will only show the TDS & TCS data. All other taxes such as advance tax, self-assessment tax, refund, etc will be shown in the AIS.

Basically, we can say Form 26AS is like a tax credit receipt that helps you verify whether your taxes have been correctly credited to the government.

However, AIS is an extended version of Form 26AS.

AIS shows much more details along with TDS & TCS transactions, it will provide a comprehensive view of the financial transactions such as savings account interest, dividends, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover, etc.

Unlike form 26AS, AIS also provides taxpayers the option to give feedback on the transactions reported.

Let’s say you’re having a salary income of ₹30 lakhs annually and your employer has deducted TDS ₹7,12,500 for FY 2022-23. In the same year, you also purchased a car worth ₹12 lakhs, and the TCS collected by the car dealer is ₹50,000.

In this case, the amount of TDS & TCS will be reflected in your Form 26AS which you can access from the e-filing portal by following these steps:

Login to e-filing portal > e-file > Income Tax Returns > View Form 26AS > Confirm > Proceed > View tax credit > Download

Let’s say you have capital gains on which you’ve made the payment of Advance Tax in FY 2022-23.

In this case, the amount of advance tax will be reflected in your AIS which you can access from the e-filing portal by following these steps:

Login to e-filing portal > Services > Annual Information Statement (AIS) > Proceed > AIS tab > select the FY & PAN > Download

The AIS is intended to help the tax authorities keep track of your income and ensure that you have paid the correct amount of taxes.

So, Form 26AS focuses on the taxes you have paid, and AIS focuses on the income you have earned and the transactions you have entered.

Both documents are equally important while filing an Income Tax Return.

It’s now time for filing your Income Tax returns. See how easy it is to prepare and file your return using Quicko!