11 Nov

Annual Information Statement AIS in Income Tax Filing

Annual Information Statement (AIS)

Heard the Annual Information Statement (AIS)? It may replace Form 26AS shortly. So what is the Annual Information Statement (AIS)? And how will it affect taxpayers? Let's find out.

What is AIS?

Until now, Form 26AS has served as a consolidated annual tax return. It contains details related to TDS, advance or self-assessment tax, as well as records of high-value transactions.

AIS includes information on securities, mutual fund transactions, interests, dividends and more.

What is an Annual Information Statement?

Until now, Form 26AS has served as a consolidated annual tax return that includes TDS deducted and accrued on your behalf, advance or self-assessment tax paid, as well as records of high-value transactions you have done.

Annual information statements, on the other hand, cover a wide range of information, such as securities and mutual fund transactions, interests, dividends, foreign remittance information, and more.

Reported information has been processed for the removal of duplicate information.

It may contain any other transaction-related information available to the Income Tax Department. Taxpayers can download AIS in JSON, PDF and CSV formats.

Form 26AS will be available on the TRACES portal until AIS is certified and fully operational.

What are some important features of AIS?

1. Taxpayers can submit online feedback to AIS. If the taxpayer feels that any incorrect information has come in, they can submit that feedback online. Taxpayers can also submit feedback offline through the AIS utility.

2. A simplified Taxpayer Information Summary (TIS) will also be provided to each taxpayer. It will summarize the taxpayer's income according to the ITD. If the taxpayer changes any information on AIS, the information generated in TIS will be updated in real-time. With the help of TIS, taxpayers can:

·        Match their security transactions with the broker statement.

·        Cross-check the dividend they received in the bank. Accounts listed in AIS.

·        Access refund or demand related information for the previous year's ITR.

What does this mean for taxpayers?

Taxpayers must carefully examine all transactions reflected in the AIS and make the necessary corrections (if any) as this information will be important for filing the ITR.

If the TDS / TCS details displayed on Form 26AS and AIS do not match - at present, it is recommended to follow the Form 26AS available on TRACES.

How to view AIS?

Users can access AIS by clicking on the "Annual Information Statement (AIS)" link under the "Services" tab of the new Income Tax Portal.

Taxpayers must check and verify the information shown in the AIS and make corrections (if necessary) before filing an ITR for the current tax season. However, if the ITR has already been filed and some information has not been included or incorrectly incorporated, the return may be modified to reflect the correct information.



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