An Annual Information Statement (AIS) is a document that gives detailed information on the prescribed financial transactions and pre-paid taxes that a taxpayer entered into for a specific fiscal year. A taxpayer can sign into his income-tax e-filing account to obtain AIS information.
Annual Information Statements for individual taxpayers may include the following information:
- Personal information
- Income information
- Deductions and Credits
- Tax payments and Withholdings
- Tax Liability and Refunds
- Other relevant information like tax rates, tax brackets, tax credits, or any significant changes in tax laws that may impact the taxpayer.
What is an Annual Information Statement?
An extensive summary of taxpayer data on Form 26AS is included in the Annual Information Statement (AIS). Securities transactions, interest, dividends, information about overseas remittances, bank and credit card transactions, mutual fund transactions, and requests and refunds are all included in AIS in addition to Form 26AS. Taxpayers have the ability to comment on the data shown on the AIS. Under every area (such as TDS, SFT, and Other information), AIS presents both the reported and the derived value—that is, the value that takes taxpayer feedback into account.
What kinds of data are included in AIS?
The Income-tax Rules, 1962, Section 285BB read in conjunction with Rule 114-I, mandate that the Principal Director General of Income-tax (Systems), the Director General of Income-tax (Systems), or any person designated by them, upload an annual information statement that includes the following details about an assessee for a specific financial year:
- Details on TDS and TCS.
- Details pertaining to SFTs (Specified Financial Transactions).
- Details regarding the filing of taxes.
- Details about the demand and reimbursement.
- Details about ongoing legal procedures.
- Details regarding concluded procedures.
- Information obtained through an agreement referred to under section 90 or section 90A, or information obtained from any officer, authority, or body carrying out any functions under any legislation.
- Details about the GST return.
- Details on foreign remittances recorded on Form 15CC.
- Details found in the most recent quarter’s Form 24Q TDS Statement’s Annexure-II.
- Details found in other taxpayers’ ITRs.
- Interest on a refund of income taxes.
- Details in Form 61/61A where PAN may be entered; n) Transactions reported off market by the Depository, Registrar, and Transfer Agent (RTA).
- Details on dividends that the Registrar and Transfer Agent (RTA) has reported.
- Information provided by the Registrar and Transfer Agent (RTA) regarding the purchase of mutual funds.
- Information obtained from any other source, to the extent that it is judged appropriate for revenue purposes.
What characteristics does the Annual Information Statement (AIS) have?
1. It contains fresh information on interest, dividends, transactions involving stocks and mutual funds, interest, and overseas remittances, among other things.
2. Duplication of information is removed, and a simplified Taxpayer Information Summary (TIS) is produced for simpler filing of returns (pre-filling will be available gradually).
3. Taxpayers will be able to download data in PDF, JSON, and CSV formats and offer online comments on the information shown in AIS.
4. Taxpayers will be able to view AIS and offer input thanks to the AIS Utility.
Taxpayers can watch AIS and submit feedback on their mobile devices by downloading the AIS Mobile App.
How to check Annual Information status (AIS)?
1. Visit the Income Tax Department of India’s official website at https://eportal.incometax.gov.in/iec/foservices/#/login.
2. Enter your password and user ID to access your account.
3. Click the “services” option from the main menu after logging in.
4. From the dropdown menu, pick “AIS (Annual Information Services)”. You will be redirected to the compliance portal; click on Proceed to access the portal.
5. Select the appropriate assessment year to view the AIS for.
6. By selecting the AIS option on the compliance portal page, you can access AIS. Additionally, there are two options visible: download and upload of the AIS feedback file.
7. The AIS will appear on the screen if it is available. For future reference, you can download and print the document. You can download AIS in JSON and PDF forms.
You can get more help from the Income Tax Department’s customer support if the AIS isn’t working.
What is AIS PDF Password: How to open AIS PDF?
If you download the PDF file, it is password-protected. To unlock AIS, enter the password as: PAN (in lower case) and the date of birth in case of an individual taxpayer or date of incorporation/formation for a non-individual taxpayer in the format DDMMYYYY without any space.
For example, if the PAN is AAAAA1234A and the date of birth is 28th July 1997, the AIS password will be aaaaa1234a28071997.
What is the difference between the AIS and Form 26AS?
The information about TDS/TCS transactions made throughout the fiscal year is mostly displayed on Form 26AS.
The Annual Information Statement (AIS) is a much longer statement. It includes interest on savings accounts, transactions involving the purchase and sale of securities and real estate, remittances from overseas, interest on deposits, etc. For every transaction, all of the data is available, both collectively and separately.
AIS covers demand or refund information, GST information, tax payment, TDS/TCS transactions, SFT information, and other information.
How to submit feedback in AIS?
The taxpayer can provide feedback in both online as well as offline modes. In online mode, you can submit the feedback only in the AIS section. Here’s how to submit feedback –
- Go to the AIS tab. You will find different sections like TDS/TCS information, SFT information, and payment of taxes.
- Then, select the feedback type. The modified value is used to update the derived value in the TIS(taxpayer information summary).
- The derived value is then used to prefill the taxpayer’s ITR form.
What should you do if Form 26AS or AIS contains an error?
Information currently held by the income tax department will be included in the AIS. Certain entities are required by the Income Tax Act to notify the department of high-value transactions. Only after receiving data from the reporting entities will the information in AIS be shown. There’s a potential that data from a specific time period won’t be updated or received. As a result, taxpayers should review all pertinent data and ensure that the information they present on their income tax return is true and complete. When reporting problems in AIS, the taxpayer should likewise utilize the feedback system. The above lists the procedures for submitting feedback. This is crucial since the income tax authorities found 68,000 instances of AIS and ITR mismatches recently. This discrepancy will be seen as underreporting income unless the AIS flaws are fixed. You can be required to pay significant fines and interest as a result.
Which form is the taxpayer supposed to use while filing their ITR?
The taxpayer may rely on the information shown in Form 26AS for return filing in the event that there is a discrepancy between the TDS or TCS information or the details of tax paid as provided in Form 26AS vs. AIS. You can, however, amend your income tax return based on the data shown in AIS if you have already submitted it and have discovered new information in AIS.