What is Annual Information Statement?

What is this new document introduced by the Income Tax Department?

Rightly heard, Annual Information Statement (AIS). AIS is a new document that may replace Form 26AS in the near future. The Annual Information Statement (AIS) is a detailed view of a taxpayer’s information shown in Form 26AS.

Let’s find out what is the Annual Information Statement (AIS) and how is it going to impact taxpayers.

What is AIS?

Until now, form 26AS served as a consolidated tax statement containing information on the TDS & TCS, self-assessment and advance tax paid, and records of high-value transactions.

AIS is kind of an extended version of form 26AS, which includes all the information mentioned in Form 26AS along with the information related to interest, dividends, securities transactions, mutual fund transactions, foreign remittance information, etc of a particular financial year.

AIS comprises 2 parts: Part A & Part B. It can be downloaded in PDF, JSON and CSV file formats.

  • Part A: It contains the general information of a taxpayer such as name, address, PAN, Aadhaar, DOB etc.
  • Part B: It contains the details related to the incomes, TDS/TCS, payment of various taxes, demand and refund information, SFT information, and some other information with respect to a particular financial year.

Why AIS?

The AIS has been introduced by the ITD for making compliance for both the department and the taxpayer easier by showing a complete view of the taxpayer’s information with an option for the taxpayer to provide online feedback, in turn helping the taxpayer prefill his ITR and hence voluntarily file his ITR.

Features of AIS:

  1. Feedback: A taxpayer can provide feedback on the information shown in AIS. The reported value and modified value (i.e. value after considering taxpayer feedback) under each section are shown in the AIS.
  2. Track History: A taxpayer can track activity history in AIS. He will be able to see the summary view of activity performed on the AIS functionality (Activity performed, date and description).

Taxpayer Information Summary (TIS):
AIS also contains the Taxpayer Information Summary (TIS) which shows category-wise aggregate information about the taxpayer. Just like AIS, it can be downloaded in PDF, JSON, and CSV file formats. Moreover. any changes made by a taxpayer in his AIS get updated in the TIS on a real-time basis.

Here’s a complete guide on Annual Information Statement (AIS).