Roll out of new Annual Information Statement (AIS) on Income Tax Compliance Portal
Finally, the Income Tax Department has come out with an elaborate Annual Information Statement which is intended to provide more comprehensive information as compared to Form No. 26AS. In this respect, the Income Tax Department made an announcement through its Press Release dated 01st November 2021.
According to this Press Release, The Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. This is one of the most important features in the new AIS which was not there in Form No. 26AS that you can now submit online feedback if any information shown in the AIS seems to be incorrect or belonging to any other person/ year etc.
How to access the Annual Information Statement
The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in)
What is the additional information displayed by the Annual Information Statement?
- The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc. The reported information has been processed to remove duplicate information.
- The taxpayer should remember that the 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). The taxpayer should check all related information and report complete and accurate information in their Income Tax Return.
Can Annual Information Statement be downloaded?
The taxpayer will be able to download AIS information in PDF, JSON, CSV Formats.
Will Form 26AS be available after rolling out the Annual Information Statement?
The display of Form 26AS on the TRACES portal will also continue in parallel till the new AIS is validated and is completely operational.
What is online feedback facility in the Annual Information Statement?
- If the taxpayer feels that the information is incorrect, relates to another person/ year, duplicate, etc., a facility has been provided to submit online feedback.
- Feedback can also be furnished by submitting multiple information in bulk. An AIS Utility has also been provided for taxpayers to view AIS and upload feedback in an offline manner.
- The reported value and value after feedback will be shown separately in the AIS. In case the information is modified/ denied, the information source may be contacted for confirmation.
- If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real-time. The taxpayers are requested to view the information shown in the Annual Information Statement and provide feedback if the information needs modification.
What is TIS?
- In addition to AIS, a simplified Taxpayer Information Summary (TIS) shall also be generated for each taxpayer which shows the aggregated value for the taxpayer for ease of filing ITR online.
- 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-filing of Return which will be enabled in a phased manner.
Can taxpayers use values as shown in TIS for filing returns?
- The value shown in Taxpayer Information Summary (TIS) may be considered while filing doing ITR filing. 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 Form 26AS on the 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.
We will come out with a detailed article on AIS later on the basis of AIS documents (AIS handbook, Presentation, User Guide, and FAQs). These can also be accessed by the readers in the “Resources” section of the Income Tax Portal.
Read Detailed Press Release: Press Release on Annual Information Statement
