New Delhi: Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal, providing a comprehensive view of information to a taxpayer with a facility to capture online feedback. With its launch, the Department is expanding the list of high-value transactions covered till now under Form 26AS. Notably, the display of Form 26AS on the TRACES portal will also continue in parallel till the new AIS is validated and completely operational.Also Read - Income Tax Return: SBI Free ITR Filing Last Date Nears. Details Here
What is AIS and how can you access it?
The new AIS also provides for a simplified taxpayer information summary (TIS), which shows aggregated value for the taxpayer for the ease of filing returns. It 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. “There may be other transactions relating to the taxpayer which are not presently displayed in the AIS,” the I-T Department has said.
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). Taxpayer will be able to download AIS information in PDF, JSON, CSV formats.
Key things taxpayers must know
- If they (taxpayers) feel that the information is incorrect, related to other person/year, duplicate etc., a facility has been provided to submit online feedback.
- Feedback can also be furnished by submitting multiple information in bulk.
- An AIS Utility has also been provided for taxpayers to view AIS and upload feedback in 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 which shows aggregated value for the taxpayer for ease of filing return.
TIS shows the processed value (i.e. the value generated after deduplication of information based on pre-defined rules) and derived value (i.e. the value derived after considering the taxpayer feedback and processed value).
- If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real time.
- The derived information in TIS will be used for pre-filling of Return (pre-filling will be enabled in a phased manner).
- Taxpayersshould check all related information and report complete and accurate information in the Income Tax Return.
What if Tax Returns Are Already Filed?
In case the ITR has already been filed and some information has not been included in it, 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 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.
A step-by-step guide to Download Annual Information Statement:-
- Visit the income tax website – incometax.gov.in
- Login to your account
- From the ‘Services” dropdown menu, select the final option – “Annual Information Services (AIS)”.
- You will be redirected to the instructions page
- Select the ‘AIS’ tab placed next to ‘Instructions’.
- Select download button
- Next, select the format in which you would like to download the AIS.
- Once the statement is downloaded, open the file.
- Enter a password and view your AIS.