1. What is AIS?
AIS stands for Annual Information statement. It provides comprehensive view of information for a taxpayer displayed in form 26AS.It will provide complete profile of the taxpayer for a particular year.
2. When and by whom AIS has been issued?
Income tax department by a notification rolled out the New Annual Information Statement which is available from 1st November 2021 on the compliance portal of Income tax. It can be assessed on the income tax portal by clicking on the "Services" tab then on the link "Annual Information Statement". Directorate of Income tax (Systems) has vital role in providing AIS for taxpayers. Taxpayer may refer to the AIS documents (AIS Handbook, Presentation, User Guide and FAQs) provided in the “Resources” section on the AIS homepage.
3. What is the format of AIS?
Part-A
- Permanent Account Number,
- Aadhaar Number,Name,
- Date of Birth/Incorporation/Formation, Mobile No, Email address, Address
Part-B
- Information relating to tax deducted or collected at source.
- Information relating to specified financial transaction (SFT).
- Information relating to payment of taxes.
- Information relating to demand and refund.
- Information relating to pending proceedings.
- Information relating to completed proceedings.
- Any other information in relation to sub-rule (2) of rule 114-I
4. Does Form 26AS remain available?
Yes, Income tax department has specifically stated that form 26AS will also remain available on TRACES portal till the new AIS is validated and completely operational.
5. What type of Information will be provided by AIS?
It provides information related to interest from saving accounts, interest from deposits, income from dividends, transactions related to securities and mutual funds, foreign remittances information,Salary, Rent received, Insurance commission,receipts from life insurance policy, Sale of land or building etc. AIS can be downloaded in three utilities i.e PDF, JSON, CSV formats.
6. Does taxpayer can report if any information stated in the AIS is incorrect?
Yes, income tax has provided this option to the taxpayer. If, any information reflecting in the AIS is incorrect and relates to other person/year. duplicate etc. Taxpayer can submit the online and offline feedback. Portal will reflect the reported value and value after feedback will be shown separately in the AIS. Confirmation shall be provided to the information source, when any modification/denial made in the value. AIS Mobile Application will enable taxpayer to view AIS and upload feedback on mobile.
7. What is TIS?
Taxpayer will also be provided simplified Taxpayer Information Summary (TIS) which is an aggregate of values reflecting in the AIS which made ease in filling of income tax return. TIS shows the processed value which is reflecting after removal of duplication of information and derived value which is reflecting the information after considering the feedback from taxpayer ad processed value. Real Time updation will be made automatically in the TIS when any updating will happen in AIS.
8. Does taxpayers needs to report transactions which are not reflecting in the AIS?
Income tax department provides information in AIS as received from various reporting entities i.e. Banks, NBFC's etc. It might be possible that there are some other transactions of taxpayer which are not reflecting yet but taxpayer needs to check and report the complete information in the income tax return.
9. What types of responses a taxpayer will provide related to the information provided in the AIS?
Taxpayer may response: Information is correct, Information is not fully correct, Information relates to other PAN/Year, Information is duplicate / included in other information,Information is denied, Customized Feedback.
10. What a taxpayer needs to do if he has already filed his income tax return before 1st November 2021?
Income tax department has advised those taxpayers who has filed his income tax return before 1st November 2021 to review the AIS and if any information not stated in the income tax return, then they may revise the income tax return.
11. What to do, if there is any variation related to the information for TDS/TCS or tax payment for filing of income tax return on AIS and Form 26AS ?
AIS is providing the information related to the TDS/TCS or the details of tax paid and Form 26AS is also reflecting this information. If there is any variation, between these two sources. Then taxpayer may rely on the information displayed on TRACES Form 26AS for filing of income tax return and for other tax compliance purposes.
12. Relevance of Aadhaar number and other key attributes for generating information?
If PAN is not available with the reporting agency but the information will be generated based on the matching of the Aadhaar Number and other key attributes. This is called PAN Population.
13. What is the password to open the TIS and AIS?
Taxpayer needs to enter the combination of PAN number (upper case) and Date of birth incase of individual taxpayer or date of corporation/formation in case of non-individual taxpayer on the downloaded PDF document.
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