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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.

All about Annual Information System

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

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Category Income Tax, Other Articles by - Susmita Dutta, CA , CPA