Annual Information Statement (AIS)

To help taxpayers get a comprehensive view of tax-related information, the income tax department has launched an Annual Information Statement (AIS) on its e-filing portal. It provides comprehensive information to taxpayers on their financial transactions. The purpose of introducing the new AIS is to make it easier for taxpayers to file their income returns. AIS not only contains a comprehensive outlay of the taxpayer information but also allows the taxpayer to submit feedback on the provided information. This article provides detailed information regarding the AnnS, features, format, how to view it, and the password to open a downloaded AIS. File your Income tax returns before the due date with IndiaFilings tax experts!! [shortcode_102]

What is an Annual Information Statement?

The Annual Information Statement (AIS) is a document issued by the Indian Income Tax Department that consolidates your financial transactions for a specific tax year. It provides a comprehensive view of information for a taxpayer in Form 26AS, including details reported by banks, investment firms, and other institutions. It shows details like salary income (with tax deducted at source - TDS), interest earned, dividend income, stock market transactions, and even high-value purchases. Importantly, the AIS shows both reported and modified values, allowing you to review the information and flag any discrepancies, making it a valuable tool for accurate tax filing.

Key Objective of AIS

The Annual Information Statement (AIS) aims to provide taxpayers with complete information on their financial transactions, encourage self-reporting through feedback, and deter non-compliance.

Features of the New Annual Information Statement (AIS)

Income tax filing is set to get easier as taxpayers can view tax-related information on the various incomes at one place in the annual information statement (AIS).

The AIS includes additional information relating to interest, dividends, securities transactions, mutual fund transactions, foreign remittance information, etc.
The taxpayer will be able to download AIS information in PDF, JSON, and CSV formats.
In case 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 pieces of 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.
A simplified Taxpayer Information Summary (TIS) has also been generated for each taxpayer.

Annual Information Statement Format: Types of Information shown in AIS

The information shown on AIS is divided into two parts: Part A - General Information and Part B - TDS/TCS Information. Let’s see what are the taxpayer’s details covered in each part,

PART A - General Information

This section acts as your personal profile within the AIS. It showcases the following details:

PAN: Your Permanent Account Number.
Masked Aadhaar Number: Your Aadhaar number with some digits masked for privacy.
Name of the Taxpayer: Your legal name as registered with the Income Tax Department.
Date of Birth/Incorporation/Formation: Your date of birth (for individuals) or the incorporation/formation date (for businesses).
Mobile Number: Your registered mobile number for communication.
Email Address: Your registered email address for communication.
Address: Your registered address with the Income Tax Department.

PART B -TDS/TCS Information (Detailed Financial Information)

Part B delves deeper into your financial transactions and tax aspects. It is further divided into subsections for better organization:

TDS/TCS Information: This section details any Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) applicable to your income. It includes:
- Information Code: A unique code assigned to the specific type of TDS/TCS deducted.
- Information Description: A description of the income source on which the TDS/TCS was levied.
- Information Value: The actual amount of TDS/TCS deducted.
SFT Information: This section displays information received from reporting entities under the Statement of Financial Transactions (SFT). It provides details similar to the TDS/TCS information, with:
- SFT Code: A unique code assigned to the specific type of SFT transaction.
- Information Description: A description of the financial transaction reported.
- Information Value: The value associated with the reported financial transaction.
Payment of Taxes: This section showcases any taxes you've directly paid during the year, categorized by type:
- Advance Tax: Payments made in advance of your tax liability.
- Self-Assessment Tax: Taxes you've assessed and paid yourself.
Demand and Refund: This section provides details on any tax demands raised against you or refunds initiated by the Income Tax Department for the financial year. Currently, only refund information is available, with details on tax demands to be released soon. The information includes:
- Assessment Year (AY): The financial year for which the demand or refund applies.
- Amount: The amount of the demand raised or the refund initiated.
Other Information: This section presents a miscellaneous category containing details received from various sources. It might include:
- Annexure II Salary: Information related to your salary as reported under Annexure II of your income tax return.
- Interest on Refund: Any interest earned on tax refunds you've received.
- Outward Foreign Remittance/Purchase of Foreign Currency: Details on any outward foreign remittances or foreign currency purchases you've made during the year.

By providing a consolidated view of your financial and tax information, the AIS helps you to stay informed, identify discrepancies, and ensure accurate tax filing.

How to View the Annual Information Statement?

You'll need a registered account on the Income Tax Department's e-filing portal. If you haven't registered, visit the Income Tax Department website and click "Register" to create an account. Proceed with the following steps to view your annual information statements with your registered account.

- Login: Visit the Income Tax Department's e-filing portal and enter your login credentials.
- Access Services Menu: After successful login, locate the "Services" section on the dashboard.
- Select AIS: Within the "Services" menu, click on "Annual Information Statement" (AIS).
- Proceed to AIS Portal: You might encounter a confirmation screen before being redirected to the AIS portal. Click "Proceed" to continue.
- View AIS: Once on the AIS portal, locate the section for viewing your AIS. Select the ‘AIS’ tile to view your Annual information statement.
- Download AIS: Click the download option to get a copy of your AIS. You can download it in your preferred format since it has various file formats, including PDF, JSON, and CSV.

Annual Information Statement Password: How to open the downloaded AIS?

The downloaded AIS file will be password-protected to ensure your data security. The password to open your AIS is a combination of your PAN and a taxpayer's date of birth. You should enter your PAN number in lowercase letters followed by your date of birth in DDMMYYYY format. For example, if your PAN is FGHIJ5678H and your date of birth is 15th March 1995, the password to open your AIS would be fghij5678h15031995. Remember, there are no spaces or special characters in the password.

Difference between the Annual information statement and Form 26AS

Some taxpayers might be confused between the annual information statement (AIS) and Form 26AS. Here are the differences between AIS and Form 26AS to give the clear picture of both:

Feature	Annual Information Statement (AIS)	Form 26AS
Introduction	Introduced in 2021, AIS is a comprehensive view of your financial transactions.	Existed before AIS, Form 26AS is a tax credit statement showing tax-related information
Scope	Covers a wider range of financial information beyond tax-related transactions.	Primarily focuses on information on tax deducted/collected at source (TDS/TCS).
Information Included	TDS/TCS details Savings account interest Dividend income Rent received Sale/purchase of securities & property Foreign remittances Interest on deposits GST turnover (if applicable)	TDS/TCS details on salary, interest income, rent, etc. Information on high-value transactions reported by banks and other institutions.
Feedback Option	Allows taxpayers to provide feedback on reported information.	No option to provide feedback.
Availability of Information	Shows both reported and modified value (after considering taxpayer feedback).	It only shows the reported value.

How to Submit feedback on the AIS information?

The Annual Information Statement (AIS) allows you to submit feedback on the information displayed. This allows you to identify and rectify any discrepancies to ensure accurate tax filing. Here's how to submit feedback on AIS information:

Go to the 'Annual Information statement' section: Once you've logged in to your income tax account, navigate to the 'Annual Information Statement' (AIS) section. This will display your financial details categorized as TDS/TCS, SFT, or other information categories.
Click "Optional" for Feedback: If you find an error or inconsistency, locate the relevant information entry. In the "Feedback" column, you'll see an "Optional" button. Click on this button to initiate the feedback process.
Provide Feedback Details: Upon clicking "Optional," you'll be redirected to an "Add Feedback" screen. Here, you'll be presented with various feedback options. Choose the most relevant option that describes the issue you're facing. Enter the feedback details depending on the chosen feedback type.
Submit Feedback: Once you've selected the feedback option and provided details (if applicable), click the "Submit" button to finalise your feedback submission.

How to Track the activity history in AIS?

The Annual Information Statement (AIS) records your actions within the portal. This activity history can help track changes, identify discrepancies, and understand how you've interacted with your AIS information. Here's how to access and view your activity history:

Login: Access the AIS section using your registered login credentials on the Income Tax Department's website.
Locate Activity History: Once logged in, navigate to the AIS homepage. Click the “Activity History” icon on the homepage.
View Activity Log: Clicking on the "Activity History" button will display a detailed log of your actions performed on the AIS functionality. For each performed activity, a system-generated ID will be created, and the Activity date, description, and details will be displayed under this tab.

Important Information on AIS for Taxpayer

With the roll-out of AIS, taxpayers will need to review their AIS from time to time and watch out for any transaction reported in their AIS.
The Annual Information Statement (AIS) includes details presently available with the Income Tax Department. There may be other transactions relating to the taxpayer which are not presently displayed in the Annual Information Statement (AIS).
Taxpayers should check all related information and report complete and accurate information in the Income Tax Return.
The taxpayers are requested to view the information shown in the Annual Information Statement and provide feedback if the information needs modification.
The value shown in Taxpayer Information Summary (TIS) may be considered while filing the ITR. 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 Form26AS 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.

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