The Annual Information Statement or AIS is the statement containing details of the financial transactions undertaken last year. The statement was launched last year in November 2021. However, being a new document it contains many errors making it difficult for individual taxpayers to file ITR. Not checking and correcting AIS may lead to income tax notice as well.

The tax deduction under section 80TTA can be claimed for interest earned on savings accounts held with a bank, co-operative bank or a post office. This deduction cannot be claimed for interest earned from other deposits such as fixed deposits, recurring deposits etc. Read on to know how deduction can be claimed on savings account interest.

As the government has made it clear that there will be no extension in the deadline to file ITR, a taxpayer must ensure that ITR is filed on or before Sunday. If the tax return is filed after the deadline, then it will be termed as a belated ITR.

A salaried individual can file his/her income tax return either using ITR-1 or ITR-2. However, to know which ITR form is applicable to you, one must know all the sources of income during the financial year. Filing ITR using an incorrect ITR form will lead to defective ITR filing. Know how to know which form is applicable to you.

Previously, an individual was allowed time till the end of the financial year, i.e., March 31 to file belated ITR by paying a maximum penalty of up to Rs 10,000. Here's why the penalty of FY 2021-22 (AY 2022-23) is half that of FY 2019-20 (AY 2020-21) if the ITR is filed after the expiry of the current deadline.

Budget 2021 announced that if an employee's own contribution in the EPF account exceeds Rs 2.5 lakh in the financial year, the interest earned on excess contribution will be taxable. The new rule is effective from April 1, 2021 (i.e., FY 2021-22). This year ITR forms ask an individual to provide details of the taxable EPF interest. However, individuals are struggling because interest is yet to be credited in EPF accounts.

The AIS Consolidated Feedback file (ACF) allows taxpayers to obtain all of their AIS feedback, excluding feedback, 'Information is correct,' in one pdf for easier understanding.

The Taxpayer Information Summary (TIS), which contains significant summaries of the taxpayer's information, is a crucial element of the AIS.

Prior to the introduction of AIS, the taxpayer's Form 26AS contained the majority of the information (also known as the tax passbook). Here are some key differences between Form 26AS and AIS.