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ANNUAL INFORMATION STATEMENT (AIS)

In order to promote transparency and simplify the tax return filing process, CBDT vide Notification dated May 28, 2020 has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961. The new Form 26AS is an Annual Information Statement or AIS which will provide a complete profile of the taxpayer for a particular year.

The Income Tax Department, on November 1, 2021, launched the new statement for taxpayers called the Annual Information Statement (AIS). The new AIS will provide the taxpayer with details of most digital financial transactions carried out by him/her during a financial year (FY).

The AIS contains more information than what is available in a taxpayer's Form 26AS.

The Board may also authorize the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or any other person authorized by him to upload the information received from any officer, authority or body performing any function under any law or the information received under an agreement referred to in section 90 or section 90A of the Income-tax Act, 1961 or the information received from any other person to the extent as it may deem fit in the interest of the revenue in the annual information statement . The format of Annual Information Statement is as under:

Part A

Permanent Account Number (PAN), Aadhaar Number, Name, Address, Date of Birth/ Incorporation/ Formation, Mobile number and Email Address.

Part B

1. Information relating to tax deducted or collected at source (TDS/TCS);
2. Information relating to specified financial transaction (SFT);
3. Information relating to payment of taxes;
4. Information relating to demand and refund;
5. Information relating to pending proceedings;
6. Information relating to completed proceedings; and
7. Any other information in relation to sub-rule (2) of rule 114-I.

AIS Features

Salient Features of new AIS are as under:

Inclusion of new information (interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc.)
Use of Data Analytics to populate PAN in non-PAN data for inclusion in AIS.
De-duplication of information and generation of a simplified Taxpayer Information Summary (TIS) for ease of filing return (pre-filling will be enabled in a phased manner).
Taxpayer will be able to submit online feedback on the information displayed in AIS and also download information in PDF, JSON, CSV formats.
AIS Utility will enable taxpayer to view AIS and upload feedback in offline manner.
AIS Mobile Application will enable taxpayer to view AIS and upload feedback on mobile.

Objectives

The key objectives of AIS are:

Display complete information to the taxpayer
Promote voluntary compliance and enable seamless pre filing of return
Deter non-compliance

Under the AIS option on the Income tax portal, there are two tabs – Annual Information statement (AIS) and Taxpayer Information Summary (TIS).

TAXPAYER INFORMATION SUMMARY (TIS)

A simplified Taxpayer Information Summary (TIS) has also been generated for each taxpayer which shows aggregated value for the taxpayer for ease of filing return. TIS shows the processed value (i.e. the value generated after deduplication of information based on pre-defined rules) and derived value (i.e. the value derived after considering the taxpayer feedback and processed value). If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real time. The derived information in TIS will be used for pre-filling of Return (pre-filling will be enabled in a phased manner). Taxpayers should remember that Annual Information Statement (AIS) includes information presently available with the Income Tax Department. There may be other transactions relating to the taxpayer which are not presently displayed in 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 Annual Information Statement (AIS) 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 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.

Along with AIS, the income tax department also introduced the Taxpayer Information Summary (TIS). This is a simplified way of viewing the information from the AIS. As per the income tax department press release, "TIS shows the processed value (i.e. the value generated after deduplication of information based on pre-defined rules) and derived value (i.e. the value derived after considering the taxpayer feedback and processed value)."

Thus, if you discover any error in your TIS or AIS, then you need to get it corrected in the AIS, which will be simultaneously corrected in TIS as well in real-time. It is important to check the AIS and give your feedback. In case there is an error and you have not given feedback requesting correction, then it may be assumed that the information reflecting in AIS is correct and the income tax department may ask you to explain the mismatch between the income tax return filed by you and the information in AIS.