The Annual Information Statement (AIS) is a comprehensive overview of taxpayer information on Form 26AS. In addition to Form 26AS, AIS also includes securities transactions, interest, dividends, overseas remittance information, bank transactions, credit card transactions, mutual fund transactions, and demands/refunds. Taxpayers can provide feedback on the information displayed on the AIS. Under each section (i.e., TDS, SFT, Other information), AIS displays both the reported value and the derived value (i.e., the value after considering taxpayer feedback). The objectives of AIS are to:
- Provide complete information to taxpayers, including the ability to provide online feedback.
- Encourage voluntary compliance by allowing for seamless prefilling of returns and avoiding underreporting of income.
- Deter non-compliance
- In case there are errors, it also accepts feedback from the taxpayers on the information displayed in AIS.
- It includes new data such as interest, dividends, securities transactions, mutual fund transactions, international remittance data, etc.
- Information duplication is eliminated, and a streamlined Taxpayer Information Summary (TIS) is generated for easier return filing (pre-filling will be enabled in a phased manner).
- Taxpayers will be able to provide online feedback on the information provided in AIS and download data in PDF, JSON, and CSV forms.
- The AIS Utility will allow taxpayers to view AIS and provide feedback.
- The AIS Mobile App allows taxpayers to view AIS and provide feedback on their handheld devices.
The information displayed on AIS is split into two sections:
Part- A
Part-A contains general information about you, such as your PAN, Masked Aadhar Number, Name of the Taxpayer, Date of Birth/Incorporation/Formation, mobile number, e-mail address, and Taxpayer's address.
PART- B
TDS/TCS Information: - This section displays information about taxes deducted/collected at the source. The TDS/TCS Information code, category, source of such information, description, and value are displayed.
SFT Information: - Information received from reporting entities under the Statement of Financial Transaction (SFT) is displayed under this heading. Obtaining the SFT code, Information description, and Information value is possible.
Tax Payments: - This section displays information about tax payments under several headings, such as Advance Tax and Self-Assessment Tax.
Demand and Refund: - During a financial year, you will be able to see the specifics of the demand made and the refund initiated (AY and amount).
Other Information: - This section displays details on information obtained from other sources, such as data on Annexure-II salary, interest on refunds, outward foreign remittances/purchases of foreign currency, and so on.
How to download AIS from income tax e-filing website?
AIS can be downloaded in PDF, JSON, and CSV file formats. The income tax department has also launched a free-of-cost mobile application "AIS for Taxpayers", providing a comprehensive view of AIS and enabling responses through mobile devices.
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Step 1: Login to URL https://eportal.incometax.gov.in/iec/foservices/#/login
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Step 2: After login, click Annual Information Statement (AIS) menu on dashboard.
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Step 3: Click on Proceed button which will redirect to AIS Portal
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Step 4: Click on AIS tile to view the Annual Information Statement. You will have to select either of the two options: Taxpayer Information Summary (TIS) or Annual Information Statement (AIS). It will also show the financial year for which AIS is being downloaded, your PAN and name.
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Step 5: Select the format in which you want to download the AIS.
Alternatively,
- Step 1: Login to URLhttps://eportal.incometax.gov.in/iec/foservices/#/login
- Step 2: After login, click e-File menu.
- Step 3: Click on Income Tax Return > View AIS.
Note: If the AIS is unavailable, you can contact the Income Tax Department's customer care service for further assistance.
How to Open the Downloaded AIS PDF?
If you download the PDF file, it is password-protected. To unlock the AIS PDF file, follow these steps:
- Open the AIS PDF file on your computer.
- When prompted to enter the password, type your Permanent Account Number (PAN) in lowercase letters.
- Then, type your date of birth or date of incorporation/formation in the format DDMMYYYY without any spaces.
- For example, if your PAN is AAAAA1234A and your date of birth is 28th July 1997, the password will be aaaaa1234a28071997.
- After entering the correct password, you can view and print the AIS PDF file.
If you encounter any issues or errors while unlocking the AIS PDF file, you can contact the Income Tax Department's customer care service for further assistance.
You can learn more about AIS by the provided FAQ by the IT department.
Form 26AS mostly shows the information of TDS/TCS transactions made throughout the fiscal year.
A far more extensive statement is the Annual Information Statement (AIS). It covers savings account interest, securities/immovable property purchase and sale transactions, overseas remittances, deposit interest, etc. All of the data is available in aggregate and individually for each transaction.
TDS/TCS transactions, SFT information, tax payments, GST information, demand or refund, and other information are all covered by AIS.
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.
Information under TDS
Information under SFT
AIS Preparation Steps
The following are some important steps in the information processing process:
- PAN Population: If the given information does not have a valid PAN, the PAN will be populated based on matching Aadhaar and other essential parameters.
- Information Display: In most cases, the reported information is shown next to the PAN holder. The information display logic for specific information such as property, bank account, Demat account, etc., intends to display information to relevant PAN holders for evaluation and feedback.
- Information Duplication: When the same information is reported under different information types (for example, interest/dividend reporting in SFT and TDS), the information with the lesser value is tagged as "Information is duplicate / included in other information" by automatic rules.
- Preparation of the Taxpayer Information Summary (TIS): After deduplicating information based on pre-defined rules, a taxpayer's aggregated information summary is created by information category. Under each information category, it displays the processed value (i.e., the value obtained after deduplication of data based on pre-defined rules) and derived value (i.e., value derived by considering taxpayer feedback and processed value).
AIS Correction Status Update
Starting May 13, 2024, the CBDT has introduced a new feature that shows the status of AIS corrections or feedback from taxpayers. This feature indicates if the feedback or correction has been partially accepted, fully accepted, or rejected by the source (the person responsible for uploading information to AIS).
The feedback status options include:
- Whether Feedback is shared for Confirmation: Notifies the taxpayer whether the feedback has been sent to the Reporting Source for confirmation.
- Feedback Shared On: Displays the date when the feedback was sent to the Reporting Source.
- Source Responded On: Shows the date when the Reporting Source responded to the feedback.
- Source Response: Informs the taxpayer of the response from the source regarding any required corrections.
This new feature enhances transparency by providing relevant information directly in the taxpayer's AIS. It is another effort by the Income Tax Department to streamline compliance and improve taxpayer services.
Processing of AIS Feedback
The AIS processing approach is as follows:
- The assessee's feedback will be recorded in the Annual Information Statement (AIS), and the reported value and modified value (i.e., the value following feedback) will be displayed separately.
- The assessee's input will be used to update the derived value (the value calculated after taking into account the taxpayer's feedback) in the Taxpayer Information Summary (TIS)
- Information in AIS assigned to other PAN/Years will be processed and shown in the taxpayer's AIS using automatic rules.
- If the assigned information is changed or refused, the feedback will be assessed according to risk management guidelines, with high-risk feedback highlighted for further investigation.
The Annual Information Statement (AIS) includes information available with the income tax department. Under the Income Tax Act, certain entities are required to report high-value transactions to the department. The AIS will display information only after receiving it from these reporting entities. However, there may be instances where data for a particular period is not received or updated. Therefore, taxpayers must verify all related information and report complete and accurate details in their income tax returns.
Additionally, taxpayers should use the feedback mechanism to report any errors in the AIS. This is crucial, as such mismatches are considered underreporting of income unless rectified, which can lead to hefty penalties and interest.
To avoid these issues, ensure your AIS data is accurate and up-to-date before filing your ITR.
Launch of AIS app by IT department: How is it Convenient for Taxpayers?
The Income Tax department has launched the Annual Information Statement (AIS) mobile app called “AIS for Taxpayer,” which allows taxpayers to easily access their tax-related information on the Annual Information statement on their mobile phones. The app provides a simple and user-friendly platform named the "AIS for Taxpayer" app. This app is free of cost and can be downloaded from the Google Play Store and the Apple App Store.
The app details various financial transactions such as TDS (Tax Deducted at Source), TCS (Tax Collected at Source), interest, dividends, share transactions, tax payments, income tax refunds, and foreign remittances.
This app allows taxpayers to easily track and monitor financial transactions so that they can calculate their tax liability and ensure compliance with tax regulations. Additionally, the app allows users to provide feedback regarding the information displayed. The app makes it convenient for taxpayers to access their financial information on the go, anytime and anywhere.
To register and set MPIN for AIS for Taxpayer App on mobile, please follow these steps:
- Download the AIS for Taxpayers App from the app store on your mobile device.
- An Onboarding screen will appear where you can tab and select “Get Started”.
- Enter your PAN number and Date of Birth, and select your preferred login ID.
- Next, you will be prompted to enter your PAN and the date of your birth/incorporation/formation; check the box next to the terms and conditions.
- Now enter your mobile number and email ID.
- Separate OTPs will be shared on the primary mobile number and email address. Enter the OTPs received and click “Verify”.
- Now the “MPIN” page will open, where you need to enter a 4-digit MPIN and select Next.
- Confirm the MPIN by re-entering it in the next field.
- Click on the "Submit" button.
- Once MPIN is successfully set up, the user is registered and can log in using the MPIN.
Please Note:- The user will only have five attempts to input the MPIN correctly. If the user cannot enter the right MPIN after the number of attempts allowed, the user account will be locked for 24 hours. Hence, if you forget the MPIn password, you can use the forgot MPIN to reset the MPIN.
If you are someone who understands a little about taxes, then you can file your ITR on your own. And if you are among those who break out in a cold sweat just hearing about taxes, then the best way out is to get help from an experienced Chartered Accountant. Book Tax Consultation Now!
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