An Overview on: Annual Information Statement (AIS)

The Annual Information Statement (AIS) in Form 26AS is a comprehensive view of information for a taxpayer that includes details of tax credits received from various deductors/collectors, tax payments made by the taxpayer, and any tax refund received by the taxpayer. Taxpayers can review this information and provide feedback on any discrepancies or errors they notice. The AIS is updated with the modified values after considering the taxpayer's feedback. The AIS is divided into several sections, including TDS (Tax Deducted at Source), SFT (Statement of Financial Transactions), and other information, like TCS (Tax Collected at Source), Advance Tax, and Self-Assessment Tax. Each section displays both the reported value and the modified value, which allows taxpayers to easily identify and correct any errors in their tax credit information.

Objectives of AIS

The objectives of AIS are:

Display complete information to the taxpayer with a facility to capture online feedback

This means that the AIS system should provide all relevant tax-related information to taxpayers and allow them to provide feedback and suggestions through an online portal.

Promote voluntary compliance and enable seamless prefilling of return

This means that the AIS system should make it easy for taxpayers to understand and comply with their tax obligations and allow them to quickly and easily complete their tax returns.

Deter non-compliance

This means that the AIS system should use various measures, such as data analysis, to identify and prevent tax evasion and non-compliance. This could include identifying and investigating suspicious tax returns, as well as enforcing penalties for non-compliance.

How to view the Annual Information Statement?

The following steps to view the Annual Information Statement are :

• Step 1: Login to URL https://www.incometax.gov.in/
• Step 2: Click on "Annual Information Statement (AIS)" under "Services" tab from the e-filing portal after successful login on e-filing portal.
• Step 3: Click on the AIS tab, on the homepage.
• Step 4: Select the relevant FY and click on AIS tile to view the Annual Information Statement.

Difference between AIS and Form 26AS

AIS is an extension of Form 26AS in terms of the information it includes.

Form 26AS is a statement generated by the Income Tax Department that contains details of taxes paid on behalf of a taxpayer, such as TDS and TCS, as well as high-value transactions such as property purchases. It acts as a proof of taxes paid and also the compliance status of the taxpayer.

AIS, on the other hand, includes additional information that is not typically included in Form 26AS. This includes details such as savings account interest, dividends, rent received, purchase and sale transactions of securities and immovable properties, foreign remittances, interest on deposits, GST turnover and other financial transactions.

Password to open Annual Information Statement (AIS)

The password to open form AIS is the taxpayers PAN & DOB in AAAAA1234ADDMMYYYY format i.e  PAN and birth date without any slash. For Example, if your date of PAN is ABCPD2896D and birth is 4th August 1962 then, the password will be abcpd2896d04081962.