ANNUAL INFORMATION STATEMENT (AIS)
What is AIS?
The income tax department has launched the Annual Information
Statement which provides a complete information relating to the Taxpayer
available with the department during a particular year. This statement is much
more comprehensive than the Form 26AS. The key feature of AIS is the inclusion
of new information such as interest, dividend, securities transactions, mutual
fund transactions, foreign remittance information etc.
What is the information shown in AIS?
PART A – General Information
General information displays PAN, Aadhaar number, Name, Date of Birth, Mobile
number, E-mail Address & Address of the Assesse.
PART B
• TDS/TCS information – Information relating to tax deducted or collected at source
• SFT information– Information relating to specified financial transactions (SFT). Information received from reporting entities under Statement of Financial transaction (SFT) like Sale of Securities and units of a mutual fund is displayed. The SFT code, Information description, and Information value is made available.
• Taxes paid – Information relating to payment of taxes such as advance tax & self-assessment tax.
• Demand and refund – Information relating to demand raised and refund initiated.
• Other information– any other information such as interest on refund,
outward foreign remittance/ purchase of foreign currency etc
What is the Procedure for accessing AIS online?
Step 1 – Login to Income Tax Portal using Username & Password.
Step 2 – Click on “Annual Information Statement (AIS)” under “Services” tab
Step 3 – It will redirect you to the compliance portal. You can view the Annual
Information Statement (AIS) on the AIS home page.
Step 4 – You can also download the AIS by clicking on the download icon in the
respective tiles. You can download the AIS in PDF or JSON formats.
After downloading, file will be password protected. In order to view the file, type
ITRV password i.e. PAN number in lower case & date of birth.
For Example: PAN is AAABC1234C & Date of Birth is 07-06-1998, then ITRV
password is ‘aaabc1234c07061998’.
What is the difference between 26AS & AIS?
➢Form 26AS contains high-value transactions such as purchase of property,
investments and transactions subject to TDS/TCS but the AIS includes full
data of savings bank interest, interest on deposits, capital gains, foreign
remittances, and share transactions.
➢AIS is more detailed than Form 26AS and is a complete financial summary
of all the data, which is presently available with the Income Tax
Department.
What to do if there is error in AIS?
There may be chances that data of a particular transaction is not updated. Hence,
the taxpayers should check all related information and report complete and
accurate information in the income tax return.
In such cases tax payer can submit feedback to the Income Tax Department in AIS
compliance portal itself. The feedback can be submitted as follows:
➢Go to SFT Transaction details
➢Select the information where you want to submit feedback
➢click on the information.
➢choose the ‘Optional’ button to submit feedback.
What to do if there is variation arising between 26AS and AIS?
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.
Author
Sai Mohini
