The Annual Information Statement released by Dept. Of Income Tax

The new Annual Information Statement (AIS) on the compliance portal, which provides a comprehensive view of information relating to a taxpayer’s interest, dividends, securities transactions, mutual fund transactions, and foreign remittance information, among other things, was launched on Monday by the income tax department.

The new AIS can be viewed by going to the services page on the new income tax e-filing portal and clicking on the link Annual Information Statement.

The Board said in a statement Monday that “the presentation of Form 26AS on the TRACES portal will likewise continue in parallel until the new AIS is validated and fully operational.”

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In addition to extra information relating to interest, dividends, securities transactions, mutual fund transactions, international remittance information, and so forth, the new AIS contains a facility to record online feedback.

Duplicate information has been removed from the information reported. The Board stated that taxpayers will be able to obtain AIS data in PDF, JSON, and CSV forms.

“A facility has been provided for the taxpayer to submit online comments if they believe the information is erroneous, relates to another person/year, or is duplicate.” The Board also stated that “feedback can be provided by submitting information in bulk.”

Taxpayers can also use an AIS utility to view AIS and upload feedback in an offline mode. In the AIS, the reported value and the value after feedback will be displayed separately. If the information is changed or denied, the source of the information may be contacted for confirmation.

For each taxpayer, a simplified Taxpayer Information Summary (TIS) has been prepared, which presents the taxpayer’s aggregated value for simplicity of return filing.

TIS displays the processed value, which is the value obtained following deduplication of data using pre-defined criteria, as well as the derived value, which is the value derived after taking into account taxpayer feedback and the processed value.

The resulting information in TIS will be automatically updated in real time if the taxpayer offers comments on AIS, according to the Board.

“The resulting information in TIS will be used for Return pre-filling (pre-filling will be enabled in stages),” it continued.

Because the AIS will incorporate information now available with the income tax department, the Board advised taxpayers to double-check all related information and disclose complete and accurate information in their income tax returns.

The Board also stated that in the event of a discrepancy between the TDS or TCS information or the details of tax paid displayed in Form26AS on the TRACES portal and those on the AIS, the taxpayer may rely on the information displayed on the TRACES portal for ITR filing and other tax compliance purposes.