Explained: The new Annual Information System (AIS)–TAXGURU.IN

Clipped from: https://taxguru.in/income-tax/explained-annual-information-system-ais.html?utm_source=feedburner&utm_medium=email

The Income Tax Department had rolled out a new Annual Information System (AIS), a comprehensive statement containing details of all the financial transactions undertaken during a financial year and are at present available with the Income Tax Department, even broader than Form 26AS.

At present, Form 26AS is detailed by the Tax Department, which is a consolidated annual tax statement that includes information on tax deducted/collected at source, advance tax, and self-assessment that is available on the Income-Tax website against a taxpayer’s Permanent Account Number (PAN). The revised Annual Information Statement (AIS) includes additional categories of information of interest, dividend, securities transactions, mutual fund transactions, and remittances from abroad, along with information on many other transactions that are at present available with the Income Tax Department.

Salient Features of AIS:

  • Includes new information- Interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc.
  • Summary of information and generation of a simplified Taxpayer Information Summary (TIS) for ease of filing return (pre-filling will be enabled in a phased manner).
  • Taxpayer will be able to submit online feedback on the information displayed in AIS and also download information in PDF, JSON, CSV file formats.
  • AIS Utility will enable taxpayer to view AIS and upload feedback in offline manner.
  • Ease of reporting errors in AIS through feedback mechanism.

Accessing AIS on Portal:

Step 1: Login to the Income Tax e-filing Website by using the URL https://www.incometax.gov.in/.

Step 2: Click on “Annual Information Statement (AIS)” under “Services” tab from the e-filing portal after successful login on e-filing portal.

Step 3: Navigate to AIS Homepage. View Taxpayer Information summary (TIS) and Annual Information Statement (AIS)

Step 4: Select the relevant FY and click on AIS tile to view the Annual Information Statement.

Under the AIS option on the Income tax portal, there are two tabs – Annual Information statement (AIS) and Taxpayer Information Summary (TIS).

Annual Information System (AIS)Taxpayer Information Summary (TIS)
Provides comprehensive view of information:a. TDS/TCSb. Bank Interest, Dividendc. Mutual Fund Transactiond. Foreign RemittancesProvides aggregated view of TDS, TCS, Mutual Fund Transaction
AIS provides more information than Form 26AS. However, Form 26AS will continue to be available until the new AIS is validated and completely operational.It will help the taxpayer in filing tax returns.

Information on AIS:

Explained The new Annual Information System (AIS)

AIS is divided into two parts:

Part A: contains general information such as PAN, masked Aadhaar number, name of taxpayer, date of birth etc.

Part B: The following information is provided in Part B:

ParticularsType of Information Available
TDS/TCS Information– Information Code– Description– Information Value
SFT Information– Information (SFT) Code– Description– Information Value
Payment of Taxes– Advance Tax paid– Self-Assessment Tax Paid
Demand and Refund– Assessment Year– Amount of Demand Raised– Amount of Refund Initiated
Other Information– Interest on Refund– Outward Foreign Remittance– Purchase of foreign Currency

Note:

  • In case there is variation between the TDS/TCS information relating to tax payment as shown in the AIS on Compliance Portal and Form 26AS on TRACES, then the taxpayer can rely on the information present on the TRACES portal for filing of ITR and other tax compliance purposes
  • If the taxpayer feels that the information is incorrect, relates to another person/year, is a duplicate etc., a facility has been provided to submit feedback online. Feedback can also be furnished by submitting multiple information in bulk. An AIS Utility has also been provided for taxpayers to view AIS and upload feedback in offline manner. The reported value and value after feedback will be shown separately in the AIS. In case the information is modified/denied, the information source may be contacted for confirmation.

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