Earlier it was 26AS, now it is AIS, both have 36 or 4
digits, what are the differences and what are the
similarities?
In this clip, we are going to discuss differences and
opinions and relations between 26AS and annual information
system AIS.
Both are part of income tax, both are auto-populated forms
of income tax.
In 26AS, key information is given about the taxpayer, like
how much his TDS was deducted, details related to TCS.
If that client has GST number, then on that GST number,
last year, during previous year, I am saying income tax on
previous year, how much sale has been shown in his GST
returns, that comes in 26AS after auto-population.
So, 26AS is a way to make returns automatic, more
transparent, to auto-populate taxpayer's details and send
it to 26AS.
This is a way, this is its detailed version.
In this, with more detail, more detailed information has
been brought by AIS, annual information system.
See, in 26AS, there is small information, whereas in AIS,
50 types of income are reported, automatically goes to AIS.
You cannot show income tax returns which are different from
those in 26AS or AIS, otherwise, you will be caught.
Whatever income, interest, dividend, you have earned, that
will be auto-populated and will go to AIS.
And that much income, you will have to show in ITR.
If you don't show, then it is clear that you are trying to
save your tax, you are reducing it, you will be caught.
This is the meaning of transparency, this is the meaning of
auto-populating.
Dividend, foreign remittances, and 50 types of total
income, which are reported in AIS.
26AS came first, brought some key information, made it into
a big AIS by making it detailed.
But friends, the interesting thing is that AIS has not been
able to finish 26AS completely.
Why? Because AIS is new, it has come, it is going on.
It is not necessary that everything should be concise.
Sometimes, wrong things can also be seen in it.
But the government has opened an option, you can rectify it.
You cannot rectify 26AS because it is completely accurate.
101% precise.
But you can rectify AIS because the government also knows
that there can be some shortcomings in it.
For now.
Sir, while filling the return, if any income is seen in
26AS and something else in AIS, then which one should I
take in my ITR?
Which is seen in 26AS.
Because 26AS is more precise and AIS form is less precise.
As of now, till now.
Gradually, improvements will happen, things will change.
Sir, show us the live show of 26AS vs AIS.
Let's log in as a client, first give 26AS.
What will you do of the client?
Let's log in.
Okay, sir.
Let me log in.
I will take you to Income Tax.
Let me show you my 26AS.
I came to Google.
I will screen you.
Change.
Here it is, sir.
On Portal.
Let me log in.
Okay, let's see how to reach 26AS.
Friends, after logging in, here you can see a tab of E-File.
Click on E-File.
Here, on the tab of Income Tax Return, don't click, just
take the arrow, and then take the arrow to the side, below,
on the second last number, you will see View Form 26AS.
Click on it, confirm it.
Here, tick the checkbox, click on Proceed.
This is a link.
You will see a link, View Tax Credit Form 26AS, which is
also called Annual Tax Statement.
Click on this.
Select the relevant assessment tier.
Then, click on View as HTML, and click on View Download.
Click on View Download.
Okay, sir.
After this, after this, after this, you can see, my details
are coming here.
There is an organization here.
Their 10 number is written here.
They paid me this much amount, and my TDS has been deducted.
Details of TDS are coming here.
Okay.
Friends, we have a total of 8 parts.
There are a total of 8 parts of this form.
8 parts of 26AS.
Part A, B, C, D, E, F, G, and H.
We have a total of 8 parts.
Okay.
Let's see one by one.
For example, details of TDS, then details of TCS, then
after that, after that, after that, 26QE means
Seller of Virtual Digital Asset.
These are the related details.
Let's see which one is useful for you.
First of all, details of TDS, TCS, which comes at the top.
And friends, one will be seen here at the end.
It is not visible in my case because I don't have GST
number.
So whatever turnover I would have seen in GST, if I had GST
number, that would have been auto-populated and coming
down, my dear friends, in 26AS.
Okay.
So now this has been auto-populated.
I have not paid this.
75,000, 7500 rupees,
I have not paid this.
It has been auto-populated.
How, sir?
The organization that paid me,
Yes, sir.
That organization deducted TDS and deposited it.
And in my name, showed in the return of TDS.
That we have paid this guy so much, so much TDS has been
deducted on him.
And that TDS, when they showed in my name, in their return,
so it has been auto-populated in my 26AS.
Now I can't show my income less than 75,000 rupees.
As far as this organization, my income is concerned.
Because the organization is saying, that we have given him
75,000 rupees, on which 65,500 TDS has been deducted and
deposited.
So my income is 75,000.
I will have to include this in my return.
I can't refuse this, by including it in my return.
Okay, sir.
Okay, that's it.
Now, sir, show me EIS.
Let's see EIS once.
Sorry, AIS.
Where did I go?
I went to EIS, which is the subject of the final, in the CA
of Inter.
Leave it, leave it.
We have come back.
We will go to E-File.
E-File.
You have to go to Services, in the Services tab.
Services.
In Services,
Annual Information System,
AIS, this will be seen, on the fourth number from below, on
the fifth number from above.
We will click on this, sir.
We will click on the Proceed button.
Instructions have been given.
You can read something.
And here is AIS.
The bulb is on.
Look at this, friend.
AIS, AIS, Annual Information System.
In this, you will go here, here, here, here, here, here,
Annual Information System.
We will click on this.
You can also download it.
So you see, you see, you will see this here, in detail.
In the beginning, the PAN number, name, date of birth, all
these things, and then TDS,
TCS, SFT information, taxes payment, demand and refund,
other information, a lot of details are coming in this.
You can see, in 26AS,
I had an amount of 75,000,
I had, and 7500,
TDS was deducted on it.
The same data is also here.
Even here, the section number of TDS is also written, and
relevant details are also written about it.
So for now, if we talk about my case, then 26AS and AIS,
both have the same details.
If there was a mismatch, then I would have considered the
income of 75,000 according to 26AS.
Here, instead of 75,000, if I could see 70,000, then I
would have taken 75,000, which is coming in 26AS, according
to that.
Okay, sir, okay, okay.
Okay, so this was the basic difference between 26AS and AIS.
As for the detailed discussion of AIS, we will bring it in
another clip for you.
Okay, take a late night.
Thank you, bye-bye, and take care.