Difference Between AIS, TIS, Form 26AS
The Annual Information Statement (AIS), Taxpayer Information Summary (TIS), and Form 26AS are all documents pertaining to tax information and reporting, but they differ in their functions.
Here’s the difference between AIS, TIS and Form 26AS:
The Annual Information Statement (AIS) is a comprehensive document that offers taxpayers a consolidated view of their financial transactions as reported by third-party entities. It contains information on transactions such as income from salary, income from other sources, tax deducted at source (TDS), tax collected at source (TCS), and other financial transactions. The AIS helps taxpayers compare their financial information reported by third parties with their own records.
The Taxpayer Information Summary (TIS) provides an overview of the taxpayer’s financial transactions and tax liabilities. It includes details such as total income, deductions claimed, tax payments made (such as advance tax and self-assessment tax), and refunds, if any. The TIS helps taxpayers review their financial information and ensures that the reported income and deductions align with the records maintained by the tax authorities.
Form 26AS is a consolidated tax statement that summarizes the tax-related information available with the Income Tax Department. It includes details of tax deducted or collected on behalf of the taxpayer, advance tax and self-assessment tax payments made by the taxpayer, and any tax refunds received. Form 26AS is a comprehensive statement that helps taxpayers reconcile their income, deductions, and tax payments with the information available with the tax authorities.
In summary, while the AIS provides a consolidated view of financial transactions reported by third parties, the TIS offers an overview of the taxpayer’s financial transactions and tax liabilities, and Form 26AS provides a consolidated statement of tax-related information available with the Income Tax Department. These documents serve different purposes but are all essential for taxpayers to review and reconcile their tax-related information.
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