Income Tax Return, Aug. 18 -- Filing an Income Tax Return (ITR) is an important obligation for every taxpayer in India. It allows them to report income, claim deductions, and pay any pending taxes. The Annual Information Statement (AIS) has been introduced to ensure transparency and accountability in the process.

Here's everything you need to know about AIS and its importance -

The Annual Information Statement (AIS) offers comprehensive details about a taxpayer for a specific financial year, including income, financial transactions and tax information. Taxpayers can view their AIS data and respond if necessary by logging into their income-tax e-filing account.

Before filing income tax returns, cross-check all the reported income in For...