Today Income Tax Department has announced roll-out of a new statement - AIS (Annual Information Statement).
This will give you all details (well almost all!) about YOUR financial transactions during the year.
What is AIS (Annual Information Statement)?
You know earlier Income Tax used to give statement 26AS.
AIS is a much detailed one - with many more details included - like your Savings Interest, all Mutual Fund transactions during the year etc.
Will 26AS be stopped?
a) Now you can get both 26AS and also AIS.
b) Both put together, Income Tax department knows all your financial transactions.
c) And it's good as now you will find it very easy to know and submit details for your Income Tax returns.
How to access my AIS?
a) Log in to your Income Tax account at http://incometax.gov.in
b) Go to Services Tab
c) Last option in this tab is the AIS option.
It will open a new tab with below two options:
a) Left side - Tax Information Summary (TIS)
b) Right side - AIS
Both are the same. TIS is a summary and AIS is the detailed statement. You can download both. When you download you get a pdf statement (There is jpeg option also, but let's stick to PDF now).
PDF will be password protected.
Password is your PAN Number (in CAPITAL) + Date of Birth (DDMMYYYY)
AIS will capture all financial transactions of the previous year.
c) Credit Cards
d) Purchase of property
e) Mutual Funds
f) Salary or Business income
h) Interest on Savings Bank A/c and Deposits.
The above list is just indicative. It is your overall financial profile and it will be getting fine-tuned to include more categories.