Tuesday, November 30, 2021
HomeIncome TaxAll you need to know about the new annual information statement (AIS)

All you need to know about the new annual information statement (AIS)

The income-tax department has rolled out the new Annual Information Statement (AIS) in the Compliance section of the Income-tax portal, with the aim of bringing transparency and offering detailed information to the taxpayer. This statement is an extensive view of information for a taxpayer, even broader than Form 26AS.

Typically, AIS is a financial summary of the taxpayer that is available with the income tax department and shall facilitate ease in filing tax returns. Information about various financial transactions executed by the taxpayer is obtained by the department from various financial entities (e.g., banks, stockbroking firms) that are delegated with the task of furnishing such information.

AIS shows both reported value (value reported by the reporting entities) and modified value (i.e. the value after considering taxpayer’s feedback) for each type of information, i.e. TDS, SFT, other information, etc.

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

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Broadly, the AIS is divided into two parts: Part A and Part B.

PART A- General Information

It displays general information such as PAN, masked Aadhaar number, name, date of birth/incorporation/formation, contact details of the taxpayer (mobile number, address).

PART B: The following information is provided in Part B

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Salient Features of AIS and TIS:

Additional information available: AIS and TIS provide additional information, which was not available in Form 26AS, including saving bank interest income, dividend income, details of purchase and sale of mutual funds, shares, securities, foreign remittance, etc.

Ease in filing tax returns: A simplified TIS which shows the aggregated value of various transactions will help the taxpayer in filing returns. Also, the pre-filling option will be available later.

Also like: Income Tax e-settlement scheme, 2021 – Overview

Feedback: Taxpayers will be able to submit online feedback on AIS’s information and download AIS in PDF, JSON, and CSV file formats.

In case there is variation between the TDS/TCS information relating to tax payment as shown in the AIS on Compliance Portal and Form 26AS on TRACES, then the taxpayer can rely on the information present on the TRACES portal for filing of ITR and other tax compliance purposes.

While certain features of AIS are still in progress and will be available in due course, we will have to wait and watch the functionality of the same.

TaxClue Teamhttp://taxclue.in
Taxclue is an online news portal for reporting all news, articles, judgments, Circulars, orders, and notifications relating to various corporate and tax laws in India. We use the tagline ‘Simplifying Laws’. Our mission is to Simplify the Laws and make people aware of their rights and duties in relation to tax matters in order to equip them to participate in nation-building.

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