Income Tax efiling in India for FY 2023-24 (AY 2024-25)
We have changed the way people do tax filing in India. We don’t just get your tax return filed within minutes but get you maximum refunds in shortest time.
File ITR Now Hire eCA NowAIS (Annual Information Statement): Features, Benefits & Importance
What is AIS (Annual Information Statement)?
AIS which stands for Annual Information Statement, a new feature pertaining to this was launched by the Income Tax Department, in November 2021. AIS contains the data of all financial transactions made by a taxpayer in an F.Y. (Financial Year. The authorities must upload all this data in Form No - 26AS in a taxpayer’s registered account. Therefore, Annual Information Statement is a broad statement comprising 46 financial transactions, including income, dividends, securities transactions, investment, expenditure, etc. The following are the primary objectives of AIS. Annual information statements display all the details to taxpayers and capture their online feedback. It aims to encourage voluntary compliance and advance prefilling of returns. It would deter non-compliance from the taxpayers.
What are the Key Features of AIS?
AIS has many key features & we have mentioned some of the salient features below- It contains all the details pertinent to the interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc. It provides a facility to the taxpayers to furnish online feedback on AIS’s information and download information in PDF, JSON, and CSV file formats. Summary of annual information statement in the form of a Taxpayer Information Summary (TIS) for ease of filing returns (pre-filling will be enabled in a phased manner). The Utility of AIS will enable taxpayers to download the data and provide feedback via the offline method.
What is the Information Available in AIS?
The type of information in AIS is shown in two parts. Part A & Part B. PART A- General Information This section contains general information about the PAN, Aadhaar number, name, formation, incorporation, date of birth, and contact details of the taxpayer. PART- B TDS/TCS Information – This column displays the information pertaining to TDS/TCS. The Information code of the TCS/TDS, description, and Information value are presented here. (Specified Financial Transactions) SFT Information – Information obtained from reporting entities under (SFT) is shown here. The SFT code, Information Description, and Information value are made available. Payment of Taxes – Information relating to taxes such as advance tax and self-assessment tax is shown. Demand and Refund -Information on the demand submitted & refund initiated (AY and amount) during an F.Y. Other Details– Details of the obtained information from the various sources, such as data related to annexure-II salary, Interest on refund, outward foreign purchase/remittance of foreign currency, etc., are shown here.
How to Check Your AIS?
Now you know all about the key features of AIS & type of information available in it. Right! So now let’s understand how to check your annual information statements. You can go through the following procedures for checking your AIS data. The first step is to visit the income tax e-filing portal and log in to your income tax account. Go to the menu bar & click on ‘service’. After this, click on the ‘Annual Information Statement’ available at the bottom of the drop-down list. You will see a pop-up tab redirecting you to the AIS Homepage on the compliance portal. Click on the ‘Proceed’. After being redirected to the compliance portal, you can see Taxpayer Information Summary (TIS) and Annual Information Statement (AIS) on the home page. Next, you have to choose the relevant financial year. Then you can view & download the Taxpayer Information Summary (TIS) or the Annual Information Statement (AIS) by clicking the relevant tiles. Click on the ‘Download’ tab to download it in PDF or JSON formats. Annual Information Statement enables both the taxpayers & Government to keep track of their financial activities and all transactions carried out in a financial year.
How to Submit Feedback in AIS?
The income tax department has provided 2 ways to submit the feedback in AIS. Thus, you can submit feedback online or offline mode. In online mode, you can submit the feedback only in the AIS section of the compliance portal. Let us see the steps to submit the feedback in the AIS section. Visit the income tax e-filing portal and log in to your income tax account. Go to the AIS section (as guided above). There you will see various sections like TCS/TDS details, payment of taxes, SFT information, and other details. If you click on the SFT section and select the details where you want to submit the feedback, click on the details. To expand the information category, you can choose the ‘Optional' button to submit feedback. Then you will be asked to select the type of feedback you want to provide & information will display the modified figure. These modified values can be used to update the modified figures in the (TIS) taxpayer information summary. Moreover, taxpayers can use these fetched figures while filing their income tax returns.
The Difference Between AIS and Form 26AS
An annual Information Statement (AIS) is a comprehensive statement that contains all the details pertaining to the savings account interest, purchase and sale transactions of securities, rooted properties, interest on deposits, foreign remittances, etc. All the information is available in complete form transactions-wise. On the other hand, Form 26AS primarily contains the details of TDS/TCS transactions, property purchases, and high-value investments made in a financial year. To understand it in more detail, let’s have an instance- Let’s assume that you have earned Rs. 1,900 on savings account interest and Rs. 37,000 interest on deposits from ABC bank in a financial year. Thus, Form 26AS will only show Rs. 37,000 deposit interest information on which TDS is deducted. However, (AIS) annual information statement will display both transaction information along with the bank name, bank account number, account type, etc. Likewise, AIS would show all other financial details of the last year, such as rent received, salary, dividends, etc. Note - If the taxpayer wants to verify GST turnover based on the information provided in Form GSTR-3B, then it will only be visible in form 26AS. Annual Information Statement does not hold GST information.
Frequently asked questions
How to open a locked AIS PDF?
What is the difference between AIS & TIS?
What to do in case there is an error in AIS?
Is AIS compulsory for income tax?
What are the types of formats to download my AIS?
How many times can I modify my provided feedback?
Would I get any confirmation message after the submission of AIS feedback?
Krishna Gopal Varshney
“Krishna Gopal Varshney co-founder & CEO of Myitronline.com. Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”