Annual Information Statement (AIS) contains pre-filled information shared by various financial entities such as banks, mutual funds, stockbrokers etc. and your employer (salary income details) and tax deducted during the year if any.
The newly launched Annual Information Statement (AIS) is a comprehensive statement containing details of financial transactions done by you and reported by various entities (mostly financial institutions) to the tax department during an FY. Click here to read about what information the AIS will contain.
The information in one’s AIS is pre-filled with details (as mandated by law) shared by financial entities like banks, mutual fund houses, your employer regarding the TDS that has been cut from your salary and various sources of income such as dividend, interest (even if tax is not deducted) during a financial year. In case there is an error and you have not given feedback requesting a correction, then it may be assumed that the information reflected in AIS is correct and the income tax department may ask you to explain the mismatch between the income tax return filed by you and the information in the AIS.
“If the taxpayer feels that the information is incorrect, relates to other person/year, duplicate etc., a facility has been provided to submit online feedback. Feedback can also be furnished by submitting information in bulk,” stated a press release issued by the Central Board of Direct Taxes (CBDT) issued on November 1, 2021.
Here is a look at how you can correct errors in your AIS.
What if there is an error in AIS?
In case a taxpayer finds an error in his/her AIS, as mentioned above, the taxpayer should provide online feedback for the same. Follow the steps below to correct the mistakes in AIS.
Step 1: Login to your e-filing account on the government’s portal at http://www.incometax.gov.in
Step 2: Once logged in, select ‘Annual Information Statement (AIS)’ under the ‘Services tab’.
Step 3: On the webpage, select ‘AIS’. On your screen, two options will be visible to you – Taxpayer Information Summary (TIS) and Annual Information Statement (AIS). Click on AIS.
Step 4: On your screen, Part A and Part B of AIS will be shown. Select the information that is not correct. Select ‘Optional’ to submit your feedback.
Step 5: From the drop-down menu, select the option which is applicable to you. There will be 7 options available to you:
a) Information is correct
b) Transfer not in the nature of sale
c) Income is not taxable
d) Information is not fully correct
e) Information relates to other PAN/Year
f) Information is duplicate/included in other information
g) Information is denied
You might be asked for additional information depending on the option selected by you.
Step 7: Click on submit.
Once the feedback is submitted, the income tax department will automatically correct the information in your AIS. You might need to provide additional information depending on the option selected by you from the drop-down menu.