FAQs on Annual Information Statement (AIS)
The Annual Information Statement (hereinafter referred to as the AIS) is a comprehensive statement containing information of a taxpayer with regards to interest, trades in stock, dividends, mutual fund investments, details regarding international remittances, etc. Basically it contains details regarding all financial transactions, income statement, income tax proceedings (if any) and more of a tax payer for the Previous Year (PY). The Department keeps track of the information both in its reported value and modified value.
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Such data has been made available to the taxpayer in PDF, JSON and CSV format .
The AIS was introduced in 2021, by the Government, to provide taxpayers with a single comprehensive report of all the financial transactions that they had undertaken in the financial year. The feature of online feedback was also provided to the taxpayers. The purpose of this statement was to encourage voluntary compliance and create a platform for seamless pre-filing of returns (via Taxpayer Information Summary-TIS).
However this gave rise to a multitude of doubts and difficulties amongst the taxpayers.
As a result the Income Tax Department released a series of FAQs to address the situation. Let’s take a look at them briefly.
FAQ’s on Annual Information Statement (AIS)
Q-1 What is Annual Information Statement (AIS)?
Ans. Annual Information Statement (AIS) is comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayer can provide feedback on information displayed in AIS. AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information).
The objectives of AIS are:
- Display complete information to the taxpayer with a facility to capture online feedback
- Promote voluntary compliance and enable seamless prefilling of return
- Deter non-compliance
(“For more info. navigate to AIS under Services Menu after login”)
Q-2 What is the Difference between AIS and Form 26AS?
Ans. AIS is the extension of Form 26AS. Form 26AS displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year. AIS additionally includes savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover etc. AIS also provides the taxpayer the option to give feedback on the transactions reported. Further, the aggregation of transactions on information source level is also reported in TIS.
(“For more info. navigate to AIS under Services Menu after login”)
Q-3 How can I view the Annual Information Statement?
Ans. You can access the Annual Information Statement functionality by following below mentioned steps:
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 AIS tab, on the homepage.
Step 4: Select the relevant FY and click on AIS tile to view the Annual Information Statement.
(“For more info. navigate to AIS under Services Menu after login”. More details on AIS can be found in Annual Information Statement User Guide available in “Resources” section at AIS Homepage.)
Q-4 What are the components of Annual Information Statement (AIS)?
Ans- The information shown on AIS is divided in two parts:
PART A- General Information
Part-A displays general information pertaining to you, including PAN, Masked Aadhar Number, Name of the Taxpayer, Date of Birth/ Incorporation/ Formation, mobile number, e-mail address and address of Taxpayer.
PART- B
- TDS/TCS Information: – Information related to tax deducted/collected at source is displayed here. The Information code of the TDS/TCS, Information description and Information value is shown.
- SFT Information: – Under this head, information received from reporting entities under Statement of Financial transaction (SFT) is displayed. The SFT code, Information description and Information value is made available.
- Payment of Taxes: – Information relating to payment of taxes under different heads, such as Advance Tax and Self-Assessment Tax, is shown.
- Demand and Refund: -You will be able to view the details of the demand raised and refund initiated (AY and amount) during a financial year. (Details related to Demand will be released soon)
- Other Information: – Details of the information received from the other sources, such as data pertaining to Annexure II salary, Interest on refund, Outward Foreign Remittance/Purchase of Foreign Currency etc., is displayed here.
(“For more info. navigate to AIS under Services Menu after login”)
Q-5 What does “General information” part contains under AIS?
Ans – General information displays the general information pertaining to you, including PAN, Masked Aadhar Number, Name of the Taxpayer, Date of Birth/ Incorporation/ Formation, mobile number, e-mail address and address of Taxpayer.
(“For more info. navigate to AIS under Services Menu after login”)
Q-6 Can I track the Activity history in AIS?
Ans- Yes, you can track the activity history in AIS by clicking on the Activity history button on AIS homepage. You will be provided a summary view of activity performed on the AIS functionality. System generated Id (Activity ID) will be created for each performed activity, Activity date, Activity description and detail will be displayed under this tab.
(“For more info. navigate to AIS under Services Menu after login”)
Q-7 What does Taxpayer Information Summary (TIS) contain under AIS?
Ans. Taxpayer Information Summary (TIS) is an information category wise aggregated information summary for a taxpayer. It shows processed value (i.e. value generated after deduplication of information based on pre-defined rules) and derived value (i.e. value derived after considering the taxpayer feedback and processed value) under each information category (e.g. Salary, Interest, Dividend etc.). The derived information in TIS will be used for prefilling of return, if applicable.
You will be shown various details within the Taxpayer Information Summary such as,
- Information Category
- Processed Value
- Derived Value
Further, within an Information Category following information is shown:
- Part through which information received
- Information Description
- Information Source
- Amount Description
- Amount (Reported, Processed, Derived)
(“For more info. navigate to AIS under Services Menu after login”)
Q-8 In what all formats can I download my AIS?
Ans. You can download Annual Information Statement (AIS) in PDF, JSON, CSV file formats.
Q-9 How do I submit feedback on the information?
Ans. You can submit feedback on active information displayed under TDS/TCS Information, SFT Information or Other information by following below mentioned steps:
Step 1: Click on “Optional” button mentioned in the Feedback column for relevant information. You will be directed to ‘Add Feedback’ screen.
Step 2: Choose the relevant feedback option and enter the feedback details (dependent on feedback option).
Step 3: Click “Submit” to submit the feedback
(“For more info. navigate to AIS under Services Menu after login”)
Q-10 What will happen once I submit the feedback?
Ans. Upon successful submission of feedback on AIS information, the feedback will be displayed with the information and the modified value of the information will also be visible with the reported value. The activity history tab will also be updated, and you will be able to download Acknowledgement Receipt. Email and SMS confirmations for submission of feedback will also be sent.(“For more info.
navigate to AIS under Services Menu after login”)
Q- 11 Is there any confirmation will be received on submission of AIS feedback?
Ans- Yes, after successful submission of your feedback on AIS information, the activity history tab will be updated, and you will be able to download Acknowledgement Receipt of the same. Email and SMS confirmations for submission of feedback will also be sent.
Q-12 What is AIS Consolidated Feedback file?
Ans. AIS Consolidated Feedback file (ACF) gives the taxpayers a facility to view all their AIS feedback (other than feedback, ‘Information is correct’) related information in one pdf for easy understanding. After submitting the feedback of the AIS, you can download the AIS consolidated feedback file (PDF).
(“For more info. navigate to AIS under Services Menu after login”)
Q-13 Is there any limit on the number of times I can modify a given feedback?
Ans. Currently, there is no limit on the number of times you can modify previously given feedbacks.
Q-14 Can I verify the GST turnover in AIS?
Ans- Yes AIS does display the information related to GST turnover under information code (EXC-GSTR3B). The same would be visible in the Other Information tab in AIS.
Q-15 Is there any video tutorial available for AIS?
Ans- Yes, there is an informational video available on YouTube for AIS. This video can be accessed here Basic information on Annual Information Statement functionality – YouTube
