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New Annual Information Statement (AIS)

New Annual Information Statement (AIS)

To help taxpayers get a comprehensive view of tax-related information, the income tax department has launched New Annual Information Statement (AIS) on its e-filing portal. It provides comprehensive information to taxpayers on their financial transactions. The purpose of introducing the new AIS is to make it easier for taxpayers to file their returns. New AIS not only contains a comprehensive outlay of the taxpayer information but also allows the taxpayer to submit feedback on the provided information

Key Objective of AIS

The key objective of introducing the new Annual Information Statement (AIS) is to give taxpayers a comprehensive statement on their transactions that they can refer to while filing their income tax returns.

Features of the New Annual Information Statement (AIS)

Income tax filing is set to get easier as taxpayers can view tax-related information on the various incomes at one place in the new annual information statement (AIS).

  • The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc.
  • The taxpayer will be able to download AIS information in PDF, JSON, CSV formats.
  • In case the information is incorrect, relates to another person/year, duplicate, etc., a facility has been provided to submit online feedback. Feedback can also be furnished by submitting multiple information in bulk.
  • An AIS Utility has also been provided for taxpayers to view AIS and upload feedback in an offline manner.
  • The reported value and value after feedback will be shown separately in the AIS. In case the information is modified/denied, the information source may be contacted for confirmation
  • A simplified Taxpayer Information Summary (TIS) has also been generated for each taxpayer

Information Included in New Annual Information Statement (AIS)

The AIS captures information on almost all financial transactions done in the previous financial year.

  • New Annual Information Statement (AIS) includes interest earned on bank savings account
  • It’s also providing details on interest on fixed and recurring deposits. The following tax-related information will also be available for taxpayers:
    • Dividend payout
    • Purchase of securities and units of mutual funds
    • Sale proceeds of securities and mutual funds
    • Off-market credit transactions
    • Foreign remittances and salary income

Procedure to Download Annual Information Statement (AIS)

The new Annual Information Statement (AIS) can be downloaded from the new Income tax e-filing portal.

  • Access the official website of the income tax e-filing portal. After login into the portal, go to the services tab and select the AIS option from the dropdown list.
  • Click on the proceed button and then select the download option. The AIS statement can be downloaded in PDF or JSON format. Click on the PDF option and furnish the password.

Note: The password will be PAN and the date of birth of the taxpayer.

  • After providing the password, the taxpayer can view the Annual Information Statement (AIS).
  • Apart from the detailed AIS, the portal will also show a tax information summary (TIS), which contains the aggregate value to be used during tax filing.
  • AIS shows the processed value (i.e. the value generated after de-duplication of information based on pre-defined rules) and derived value (i.e. the value derived after considering the taxpayer feedback and processed value).
  • If taxpayers find any discrepancy in the AIS or the TIS then submit online feedback and the same will be updated.

Note: The derived information in TIS will also be automatically updated in real-time.

New AIS Replaces Form 26AS

CBDT vide a Notification dated May 28, 2020, launched the Form 26AS is an Annual Information Statement or AIS which provides a complete profile of the taxpayer for a particular year.

  • With this press release dated 1st November 2021, the CBDT has announced that the new AIS may gradually replace Form 26AS.
  • The display of Form 26AS on the TRACES portal will also continue in parallel till the new AIS is validated and completely operational.
  • For this assessment year, taxpayers should tally information provided in both Form 26AS and AIS. If there is any variation between information in AIS as shown on the IT e-filing website and Form 26AS on the TRACES portal, the taxpayer should consider the latter.

Important Announcement for Taxpayer

  • With the roll-out of AIS, taxpayers will need to review their AIS from time to time and watch out for any transaction reported in their AIS.
  • The Annual Information Statement (AIS) includes details presently available with the Income Tax Department. There may be other transactions relating to the taxpayer which are not presently displayed in the Annual Information Statement (AIS).
  • Taxpayers should check all related information and report complete and accurate information in the Income Tax Return.
  • The taxpayers are requested to view the information shown in the Annual Information Statement and provide feedback if the information needs modification.
  • The value shown in Taxpayer Information Summary (TIS) may be considered while filing the ITR. In case the ITR has already been filed and some information has not been included in the ITR, the return may be revised to reflect the correct information.
  • In case there is a variation between the TDS/TCS information or the details of tax paid as displayed in Form26AS on the TRACES portal and the TDS/TCS information or the information relating to tax payment as displayed in AIS on Compliance Portal, the taxpayer may rely on the information displayed on TRACES portal for the purpose of filing of ITR and for other tax compliance purposes.