When it comes to filing income tax returns in India, many taxpayers focus only on their salary slips and Form 16. However, three key documents鈥擣orm 26AS, Annual Information Statement (AIS), and Taxpayer Information Summary (TIS) play a vital role in ensuring accurate and transparent tax filings.
These documents contain detailed records of financial transactions reported to the Income Tax Department and help you verify income, tax deductions, and other high-value financial activity.
Knowing what each form contains can save you from mismatches, notices, and tax scrutiny.
What is Form 26AS?
Form 26AS is a consolidated tax credit statement available on the TRACES portal. It reflects the tax deducted at source (TDS), tax collected at source (TCS), advance tax, self-assessment tax, and refund details related to your PAN. It also includes details of high-value transactions like property purchases or mutual fund investments, as reported by third parties (referring to banks, employers, mutual fund companies, property registrars, or other financial institutions that are required to report certain financial transactions to the Income Tax Department).
Form 26AS acts as a summary of all tax-related activity and is crucial for reconciling the tax credits before filing your return. It helps ensure that the tax deducted and reported by the deductor has been deposited with the government.
What is an Annual Information Statement (AIS)?
AIS is a detailed report introduced by the Income Tax Department that gives a comprehensive view of all your financial transactions in a financial year. It includes savings account interest, dividends, stock transactions, credit card payments, property purchases, and more.
Unlike Form 26AS, AIS covers a wider range of financial data and is available on the income tax portal. Taxpayers can provide feedback on any incorrect entries in AIS, making it a more interactive and transparent tool for income verification and tax compliance.
What is a Taxpayer Information Summary (TIS)?
TIS is a user-friendly summary extracted from the AIS. It presents all the information in a simplified format for easy understanding. It shows the aggregate values of each type of income or transaction and the values considered for tax filing.
TIS helps taxpayers cross-check their data with the pre-filled ITR forms and avoid discrepancies. While AIS is more detailed, TIS serves as a concise version for quick reference and decision-making during return filing.
Knowing the difference between Form 26AS, AIS, and TIS ensures smoother, error-free tax filing and helps you stay tax-compliant.