All about Annual Information System

Susmita Dutta, CA , CPA | Last updated: 13 November 2021

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Quick Summary

The Income Tax Department has launched a new Annual Information Statement (AIS) on its online portal, offering taxpayers a way to view and provide feedback on their financial information. This statement includes details on interest, dividends, securities, and other transactions, aiming to reduce data duplication. Taxpayers can download the AIS in various formats and submit corrections if any information is found to be inaccurate.

The Income Tax Department has initiated the new Annual Information Statement(AIS) on the online portal which shows the taxpayers a facility that captures online feedback. The facility can be accessed by visiting the online portal link of the Annual Information Statement (AIS) under the Services tab on the tax e-filing portal, i.e. https://www.incometax.gov.in.

Form 26AS will be displayed on the TRACES portal which will parallel function to the time the new AIS is completely operational.

The new AIS is related to interest, dividends, securities, transactions, mutual fund transactions, foreign remittance information. The information is processed to eradicate duplicity of information. The taxpayers can download the information in PDF, JSON, and CSV formats.

Annual Information Statement (AIS): Your Guide

Here is the list of related information to be known about the new Annual Information Statement

If the taxpayer examines whether the information provided is incorrect and is related to the other person or year. Then the facility is provided to submit the online feedback.
The feedback can be given by submission of multiple information in bulk.
An AIS Utility has also been granted for taxpayers to see AIS and to upload feedback in offline mode.
The reported value and the feedback will be shown separately on the AIS and if further modification is done then the source providing the information will be contacted for confirmation.
A simplified Taxpayer Information Summary (TIS) is made in order to simplify the ease of filing returns.
The TIS has two values, which are processed value and derived value, and once the taxpayer sends the feedback on AIS, the TIS will be automatically updated on the online platform.
The information in TIS will be utilised in pre-filling of Return i.e. enabled in a phased manner.
The taxpayer should be aware of the Annual Information Statement (AIS) that involves the information presented by the Income Tax Department. Currently, there are no transactions related to the taxpayer shown in the Annual Information Statement (AIS).
Taxpayers can view the information, report, and accurate data in the Income Tax Return.
AIS is password protected. The password for the same will be a combination your 10-digit PAN card number and eight-digit date of birth.
If the ITR is filed and lacks information that needs to be provided, then the return can be revised with the correct information.
If there is a variation between the TDS/TCS information, then the details of the tax paid are shown in Form 26AS on the TRACES portal.
TDS/TCS information relating to tax payment as shown in the AIS on Compliance Portal, then the taxpayer can rely on the information present on the TRACES portal for filing of ITR for other tax compliance purposes.

Source: https://incometaxindia.gov.in/Lists/Press%20Releases/Attachments/1001/PressRelease-Roll-out-of-the-new-Annual-Information-Statement-AIS-1-11-21.pdf

FAQ :

The Annual Information Statement (AIS) is a new facility provided by the Income Tax Department on its online portal that shows taxpayers their financial information and allows them to provide feedback.

You can access the AIS by visiting the Annual Information Statement (AIS) link under the Services tab on the tax e-filing portal at https://www.incometax.gov.in.

The AIS relates to information such as interest, dividends, securities, transactions, mutual fund transactions, and foreign remittance information.

Yes, if you find any information in the AIS to be incorrect or related to another person or year, you can submit online feedback. You can also use the AIS Utility to upload feedback in offline mode.

A simplified Taxpayer Information Summary (TIS) is created to ease tax return filing. It includes processed and derived values, and it is automatically updated online once you send feedback on the AIS.

The AIS is password protected. The password is a combination of your 10-digit PAN card number and your eight-digit date of birth.