Clipped from: https://taxguru.in/income-tax/faqs-annual-information-system-aistaxpayer-information-summary-tis.html
The Annual Information Statement (AIS) is a comprehensive statement made available to the assessee under Section 285BB of the Income-tax Act. Its purpose is to consolidate and present all relevant financial and tax-related information pertaining to a taxpayer for a specific financial year. The AIS is not limited to data reported in the Income Tax Return (ITR); it provides details on a vast range of transactions and events. Key categories of information covered include TDS (Tax Deducted at Source) and TCS (Tax Collected at Source); Specified Financial Transactions (SFT) reported by various entities like banks and mutual fund houses; details of tax payments, demand and refund information; and data on pending and completed proceedings. Furthermore, it incorporates data from diverse external sources, such as information from GST returns, foreign remittances (Form 15CC), off-market transactions, and information about dividends and mutual fund purchases reported by Registrar and Transfer Agents (RTAs). The Taxpayer Information Summary (TIS) serves as a concise, category-wise aggregation of the data presented in the AIS. Taxpayers can access both the AIS and TIS by logging into their income-tax e-filing account or through the dedicated “AIS for Taxpayer” mobile app. An essential feature of the system is the provision for taxpayers to submit feedback if they find any information in the AIS to be incorrect, duplicated, or related to another person, which can be done directly through the e-filing portal or via an offline utility.
Q.1 What is Annual Information Statement (AIS)?
Ans. Section 285BB of the Income-tax Act provides that the Income-tax authority or any other person authorised on this behalf shall make available an Annual Information Statement to the assessee containing information on various financial transactions made by him during the year.
Annual Information Statement (AIS) is a statement that provides complete information about the prepaid taxes and prescribed financial transactions entered into by taxpayer for a particular financial year.
Q.2 What is Taxpayer Information Summary (TIS)?
Ans. Taxpayer Information Summary (TIS) is a category-wise taxpayer summary of such information.
Q.3 Which types of information are covered in AIS?
Ans. Section 285BB read with Rule 114-I of the Income-tax Rules, 1962 provides that the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or any person authorised by him shall upload such annual information statement which contains the following information in respect of an assessee for a particular financial year:
a. Information relating to TDS and TCS;
b. Information relating to Specified Financial Transactions (SFT);
c. Information relating to the payment of taxes;
d. Information relating to demand and refund;
e. Information relating to pending proceedings;
f. Information relating to completed proceedings;
g. Information received from any officer, authority, or body performing any functions under any law or information received under an agreement referred under section 90 or section 90A;
h. Information relating to GST return;
i. Foreign remittance information reported in Form 15CC;
j. Information in Annexure-II of the Form 24Q TDS Statement of the last quarter;
k. Information in the ITR of other taxpayers;
l. Interest on Income Tax Refund;
m. Information in Form 61/61A where PAN could be populated;
n. Off Market Transactions Reported by Depository/Registrar and Transfer Agent (RTA);
o. Information about dividends reported by Registrar and Transfer Agent (RTA);
p. Information about the purchase of mutual funds reported by Registrar and Transfer Agent (RTA); and
q. Information received from any other person to the extent it may be deemed fit in the interest of the revenue.
The CBDT has authorised the Director General of Income-tax (Systems) to upload information relating to points (h) to (p) in the AIS within 3 months from the end of the month in which the information is received by him.
Q.4 How to access AIS/TIS?
Ans. An assessee can access AIS/TIS information by logging into his income-tax e-filing account or through the mobile app “AIS for Taxpayer”. If he feels that the information furnished in AIS is incorrect, duplicated, or relates to any other person, etc., he can submit his feedback thereon directly from the income-tax e-filing portal, or using an offline utility.
(Republished with amendments)
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