Key Takeaways
- Form 26AS shows TDS credits, advance tax paid, and demand or refund status.
- AIS shows comprehensive income data including salary, dividends, mutual fund transactions, property, interest, and foreign remittances.
- TIS is the simplified AIS summary and offers an easier way to acknowledge or dispute reported data.
- The Income Tax Department already receives mutual fund transaction data from AMCs, banks, registrars, and other reporting entities.
- Download and reconcile all three documents before filing your ITR to avoid mismatch notices and unnecessary scrutiny.
Introduction
Every year, thousands of Indian taxpayers receive IT notices — not for cheating, but for mismatches between what they declared and what the government already knows. The IT Department now has three powerful data documents tracking almost every financial transaction you make. Use them, or face scrutiny.
| Document | What It Shows | Key Use for Investors |
|---|---|---|
| Form 26AS | TDS credits, advance tax paid, demand/refund status | Verify TDS credits; reconcile before ITR |
| AIS (Annual Information Statement) | Salary, dividends, all MF transactions, property, interest, foreign remittances | Most comprehensive — must-check for all investors |
| TIS (Taxpayer Information Summary) | Simplified summary of AIS with one-click accept/dispute | Easiest way to acknowledge or dispute AIS data |
Why AIS Is the Critical Document for Investors
AIS, introduced in 2021, shows every mutual fund purchase and redemption, all dividends received, all bank interest, and property transactions — aggregated from AMCs, banks, registrars, and sub-registrars. The IT Department already has your capital gains data. Declaring different figures in your ITR without explanation is a direct scrutiny trigger.
Process Before Filing
- Download 26AS, AIS, and TIS from incometax.gov.in (My Account > Annual Information Statement).
- Cross-check with your CAMS/Karvy capital gains statement and bank records.
- If AIS data is incorrect, raise a dispute via the portal before filing your ITR.
- Declare all income matching AIS in your ITR — unexplained discrepancies attract automated notices.
Disclaimer
Mutual fund investments are subject to market risks. Please read all scheme-related documents carefully before investing. Past performance is not indicative of future results. Baid Inbest LLP is an AMFI-registered Mutual Fund Distributor (ARN: 86114). This content is for educational purposes only and does not constitute personalised investment advice. Consult a Chartered Accountant for accurate ITR filing.
Need help understanding your AIS before filing? Talk to an Inbest advisor — visit www.inbestnow.com or call +91 9903921999.
