Since the launch of ‘AIS for Taxpayer’, a mobile application to assist taxpayers, on March 22, it has grabbed people’s attention, especially when the tax filing and TDS deduction process is in full swing. The application provides taxpayers with a comprehensive view of the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS), which displays information from a variety of sources.
Here is what it is and how it can help taxpayers.
‘AIS for Taxpayer’ is a free mobile application from Income-Tax Department available on Google Play and App Store. To access this mobile app, the taxpayer has to register on the application by providing a PAN number and birth date.
The application then proceeds to authenticate you with the OTP sent on the mobile number and e-mail registered on the e-filing portal. After the authentication, the taxpayer can set a 4-digit PIN to access the mobile application.
Tax deducted at source (TDS)/ tax collected at source (TCS), interest, dividends, share transactions, tax payments, income tax refunds, and other information (GST data, foreign remittances, etc.) as available in AIS/TIS. Besides, the taxpayer can give feedback on the data displayed by the app.
With AIS, the Income Tax department came with an extension to Form 26AS, which already displayed TDS/TCS data and other details such as advance tax and self-assessment tax. Now, refund information will also be accessible on the AIS application.
How Does AIS Application Help Taxpayers?
Under the TDS information in the application, any income you have received in the entire financial year is displayed. For instance, the interest you have received on your fixed deposits or the total salary you have received from organisations you have worked for is shown along with monthly data. If, for example, a taxpayer is
looking for a job, he/she doesn't have to furnish bank documents to show his salary slips, as all data is displayed in the application comprehensively.
Under the head of Specified Financial Transaction, information received from reporting entities regarding his high-value transactions is displayed. In addition, the SFT code, information description and information value are made available.
All tax payments that have been debited from your account are displayed next. Any tax refund demand and the refund received are displayed next.
Users can report discrepancies and track the resolution status of their grievances with the values displayed in the application. I-T Department listed that the objectives of the application include displaying complete information to taxpayers with a feedback facility.
When TDS or TCS information differs between Form 26AS and AIS, the taxpayer can rely on Form 26AS for filing their return. However, if a user has already filed your ITR and found additional information in the AIS, you can file a revised return based on the information in the AIS.
From the application, a taxpayer can download his AIS in PDF format. First, select the financial year and then tap on the details option. Next, tap the triple dot icon on top of the AIS view screen and click 'Download'. The downloaded PDF will be password protected.