What Is Annual Information Statement (AIS)? A Detailed Guide For Taxpayers

An annual Information Statement (AIS) is a comprehensive view of information for a taxpayer displayed in Form 26AS. The taxpayers can also give their feedback on the information displayed in AIS. “AIS shows both reported value (value reported by the reporting entities) and modified value (the value after considering taxpayer’s feedback) for each type of information, such as Tax Deducted at Source (TDS), Statement of Financial Transaction (SFT), other information, etc.,” says Archit Gupta, CEO, and founder of Clear, a tax portal. 

“To give a taxpayer a comprehensive view of the financial transactions carried out during a financial year, the income tax department launched the new AIS on the compliance portal in 2021. Prior to AIS, most of the details of the taxpayers were available in 26AS, the taxpayer’s form,” says Suneel Dasari, founder, and CEO, EZTax.in, an online income tax filing portal. 

The objectives of AIS are here as follows: 

• Display complete information to the taxpayer with a facility to capture online feedback.
• Promote voluntary compliance and enable seamless prefilling of returns. 
• Deter non-compliance. 
• Difference between AIS and Form 26AS

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 includes savings account interest, dividends, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover, etc. 

AIS also allows the taxpayer to give feedback on the reported transactions. Further, the aggregation of transactions on the information source level is also reported in TIS.

Main Features Of AIS

• It includes new information – interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc., says Gupta. 
• Summary of AIS information in the form of a Taxpayer Information Summary (TIS) for ease of filing returns (pre-filling will be enabled in a phased manner).
• Taxpayers can submit online feedback on AIS’s information and download information in PDF, JSON, and CSV file formats.
• AIS Utility will enable taxpayers to view AIS and upload feedback offline.

How Can I View The AIS?

You can access the AIS functionality by following the below-mentioned steps:

Step 1: Log in to URL https://www.incometax.gov.in//

Step 2: Click on “Annual Information System (AIS)” under the “Services” tab from the e-filing portal after successful login on the e-filing portal. 

Step 3: Click on the AIS tab on the homepage. 

Step 4: Select the relevant FY and click on the AIS tile to view the Annual Information Statement. 

What Are Different Types Of Information Shown In AIS?

The information is displayed in two parts. Part A and Part B.

Part- A: General information 

It displays general information such as PAN, masked Aadhar number, name, date of birth/incorporation/formation, and contact details of the taxpayer. 

Part-B 

• TDS/TCS information: Information related to TDS/TCS (Tax collection at source) is displayed here. The information code of the TDS/TCS, information description, and information value are shown. 
• SFT information: Information received from reporting entities under SFT is displayed. The SFT code, information description, and information value are made available. 
• Payment of taxes: Information relating to taxes, such as advance tax and self-assessment tax, is shown. 
• Demand and refund: Details of the demand raised and refund initiated (AY and amount) during a financial year. 
• Other information: Details of the information received from other sources, such as data on Annexure II salary, interest on refund, outward foreign remittance/purchase of foreign currency, etc., are displayed here.