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What is AIS ?
In November 2021, the Income Tax (I-T) Department rolled out the new Annual Information Statement (AIS) on the Compliance Portal. The new AIS provides a comprehensive view of information to a taxpayer on their financial transactions with a facility to capture online feedback.
If the taxpayer feels that the information is incorrect, a facility has been provided to submit online feedback which can also be furnished by submitting multiple information in bulk. The purpose of the new AIS is to make it easier and faster for taxpayers to file their income tax returns. A taxpayer will be able to download AIS information in PDF, JSON, and CSV formats.
Features of AIS
The AIS includes information presently available with the I-T dept, including other transactions. The department has requested the taxpayers to view the information shown in the AIS and provide feedback if the information needs modification. In case, the ITR has already been filed and some information has not been included in the ITR, the return may be revised to reflect the correct information.
Moreover, if there is a variation between the TDS/TCS information and the details of tax paid as displayed in Form26AS on TRACES portal and the TDS/TCS information or the information relating to tax payment as displayed in AIS on Compliance Portal, the taxpayer may rely on the information displayed on TRACES portal for the purpose of filing of ITR and for other tax compliance purposes.
Apart from the existing Form 26AS, the new AIS contains additional information relating to interest, securities transactions, dividend, mutual fund (MF) transactions, foreign remittance information etc.
Even if a taxpayer receives Rs 500 from a mutual fund, that will be reflected in the new AIS. The AIS will also contain a taxpayer information summary (TIS), which will show the aggregated value of his financial transactions. The taxpayer can use these aggregated values to file his income tax return (ITR).
How to access AIS?
The new AIS can be accessed by clicking on the link "Annual Information Statement (AIS)" under the "Services" tab on the new Income Tax e-filing portal. The display of Form 26AS on the TRACES portal will also continue in parallel till the new AIS is validated and completely operational.
AIS Utility
The I-T dept has also provided for taxpayers an AIS Utility to view AIS and upload feedback in offline mode. The AIS will reflect the reported value and value after feedback separately.
How to download the new AIS
— Log in to the e-filing portal using your PAN or Aadhaar and your password
— Go to the ‘Services’ section in the top menu, click on ‘Annual Information
— Statement (AIS)’ and then on ‘Proceed’
— Click on the Download button in the AIS tab
— Select the PDF option and click on ‘Download’
— Click on the PDF and enter the password to open the document
— The password will be your PAN and your date of birth
— View all the details in your AIS
In case of any discrepancy in the AIS or the TIS, submit online feedback and it will be updated
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