An annual Information Statement (AIS) is a comprehensive view of information for a taxpayer displayed in Form 26AS. The taxpayers can also give their feedback on the information displayed in AIS. “AIS shows both reported value (value reported by the reporting entities) and modified value (the value after considering taxpayer’s feedback) for each type of information, such as Tax Deducted at Source (TDS), Statement of Financial Transaction (SFT), other information, etc.,” says Archit Gupta, CEO, and founder of Clear, a tax portal.
“To give a taxpayer a comprehensive view of the financial transactions carried out during a financial year, the income tax department launched the new AIS on the compliance portal in 2021. Prior to AIS, most of the details of the taxpayers were available in 26AS, the taxpayer’s form,” says Suneel Dasari, founder, and CEO, EZTax.in, an online income tax filing portal.
The objectives of AIS are here as follows:
AIS is the extension of Form 26AS. Form 26AS displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year. AIS includes savings account interest, dividends, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover, etc.
AIS also allows the taxpayer to give feedback on the reported transactions. Further, the aggregation of transactions on the information source level is also reported in TIS.
Main Features Of AIS
How Can I View The AIS?
You can access the AIS functionality by following the below-mentioned steps:
Step 1: Log in to URL https://www.incometax.gov.in//
Step 2: Click on “Annual Information System (AIS)” under the “Services” tab from the e-filing portal after successful login on the e-filing portal.
Step 3: Click on the AIS tab on the homepage.
Step 4: Select the relevant FY and click on the AIS tile to view the Annual Information Statement.
What Are Different Types Of Information Shown In AIS?
The information is displayed in two parts. Part A and Part B.
Part- A: General information
It displays general information such as PAN, masked Aadhar number, name, date of birth/incorporation/formation, and contact details of the taxpayer.
Part-B