Blog

A_Brief_Note_on_Annual_Information_statement
2022

A Brief Note on Annual Information Statement

A Brief Note on Annual Information statement

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. 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) The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational.

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. Taxpayer will be able to download AIS information in PDF, JSON, CSV formats.

Contents of Annual Information Statement:

  • It includes new data such as interest, dividends, securities transactions, mutual fund transactions, international remittance data, etc.
  • Information duplication is eliminated, and a streamlined Taxpayer Information Summary (TIS) is generated for easier return filing (pre-filling will be enabled in a phased manner).
  • Taxpayers will be able to provide online feedback on the information provided in AIS, as well as download data in PDF, JSON, and CSV forms.
  • The AIS Utility will allow taxpayers to view AIS and provide feedback.
  • The AIS Mobile App allows taxpayers to view AIS and provide feedback on their handheld devices.


Taxpayer’s Information:

It displays general information related to a taxpayer such as his name, PAN, Aadhar Number, date of birth, contact details and address.

Tax Information Statement (TIS):

  1. TDS/TCS: This section displays information about tax deducted at source/ tax collected at source in relation to a taxpayer. It is similar to the information displayed in Form 26AS.
  2. SFT Information: This section displays information received by tax department from various reporting entities like banks and NBFCs with regard to specified financial transaction undertaken by the taxpayer during the year like purchase/ sale of immovable property.
  3. Payment of Taxes: It displays the quantum of taxes paid by the taxpayer like advance tax, self-assessment tax along with the details like date of payment, challan number etc.
  4. Demand and Refund: It displays details regarding any outstanding demand of tax by the department, their quantum and current status at that point of time. It also shows if any refund has been initiated with respect to any assessment year.
  5. Other: Any other information in relation to sub-rule (2) of rule 114-I is displayed here.


Process to Download Annual Information Statement:

Anual Information Statement

 

AIS V/s Form 26AS:

  • Currently, Form 26AS mostly shows the information on property purchases, high-value investments, and TDS/TCS transactions made throughout the fiscal year.
  • A far more extensive statement is the Annual Information Statement (AIS). It covers savings account interest, securities/immovable property purchase and sale transactions, overseas remittances, deposit interest, and so on. All of the data is available in aggregate for each individual transaction.
  • TDS/TCS transactions, SFT information, tax payment, demand or refund, and other information are all covered by AIS. Only Form 26AS is displayed if the taxpayer has to verify GST turnover based on the information provided in Form GSTR-3B. GST information is not captured by AIS.

Blog Archive


Warning: mkdir(): No such file or directory in /home/bge9b4q3b1qk/public_html/munimji/academic/modules/mod_lca/cache.php on line 56

Warning: file_put_contents(/home/bge9b4q3b1qk/public_html/munimji/academic/cache/mod_lca/57e55f700d1772126b4bb8d207c1e29f.xml): failed to open stream: No such file or directory in /home/bge9b4q3b1qk/public_html/munimji/academic/modules/mod_lca/cache.php on line 57

Financial Management