TL;DR for CAs
- AIS often shows interest and securities transactions missing from Form 16.
- Raise feedback on AIS for incorrect entries.
- Never file solely on Form 16 for multi-source income.
What it is
Annual Information Statement (AIS) aggregates financial transactions reported by third parties. Form 16 covers salary TDS only.
Who it applies to
All taxpayers with salary plus other income sources.
Key provisions
- Download AIS/TIS from the income-tax portal
- Match salary, interest, dividends, property, and SFT entries
- Use feedback mechanism for duplicates/errors
Practical tips for CAs
Create a three-way reconciliation: Form 16, 26AS, AIS. Keep screenshots of feedback submissions.
Common mistakes
Ignoring SFT property purchases; missing interest from co-operative banks; filing before AIS updates.
For general guidance only. Verify with the latest Finance Act, GST notifications, and ICAI guidance notes before advising clients.