Annual Information Statement (AIS), Income Tax

Annual Information Statement (AIS)?is an extensive view of information for a taxpayer displayed in Form 26AS. It also accepts feedback from the taxpayers on the information displayed in AIS. It shows both reported value (value reported by the reporting entities) and modified value (i.e. the value after considering taxpayer’s feedback) for each type of information, i.e. TDS, SFT, other information, etc.

AIS is introduced with the objective of?Displaying complete information to the taxpayer with a facility to capture online feedback and to promote voluntary compliance and enable seamless prefilling of return.

Key Points:

●???AIS includes new information – interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc.

●????Summary of AIS information in the form of Taxpayer Information Summary (TIS) for ease of filing return (pre-filling will be enabled in a phased manner).

●????Taxpayers will be able to submit online feedback on AIS’s information and download information in PDF, JSON, and CSV file formats.

●????AIS Utility will enable taxpayers to view AIS and upload feedback in an offline manner.

Information display in AIS

• It displays general information such as PAN, masked Aadhaar number, name, date of birth/incorporation/formation, contact details of the taxpayer.
• TDS/TCS Information – Information related to TDS/TCS is displayed in AIS. The Information code of the TDS/TCS, Information description and Information value is shown in detailed information.
• SFT Information – Information received from reporting entities under Statement of Financial transaction (SFT) is displayed in AIS. The SFT code, Information description and Information value is made available.
• Payment of Taxes – Information relating to taxes such as advance tax and self-assessment tax is shown.
• Demand and Refund -Details of the demand raised and refund initiated (AY and amount) during a financial year.
• ?Other Information: – Details of the information received from the other sources, such as data pertaining to Annexure II salary, Interest on refund, outward foreign remittance/purchase of foreign currency etc., is displayed here.

?For example- for interest earned on the savings bank account-account number and type, account status, source code, the aggregate amount of interest from savings account from the said source is displayed.

Similarly, you can see the information of securities sold during the year with the date of sale/transfer, security class and name, asset type, quantity, etc. The information also displays the count of the transactions.

The Government has recently enlarged the scope of Form 26AS to cover information regarding various transactions made by a person during the year. The CBDT has omitted Rule 31AB, and a new Rule 114-I has been inserted to provide that the authorities will upload the Annual Information Statement (AIS) in Form No. 26AS in the registered account of the assessee. An assessee can access and respond to AIS information from the income-tax e-filing portal.

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.

For information reach out to [email protected]

Thanks for being part of the newsletter !