Annual Information Statement (AIS): A Detailed Guide

What is Annual Information Statement (AIS)?

Annual Information Statement (AIS) is a utility/ form available on Income Tax Portal which displays all the financial and tax related information available with the Tax Department with regard to the taxpayer. It is an extension of an earlier available form, called 26AS, on the portal which contained the information only upon taxes deducted and deposited during the year along with the summary of Specified Financial Transactions (SFT). Now, AIS has brought in added features to the old form 26AS by showcasing information upon bank interest earned, dividend income and sale of securities, in addition to tax related information.

What’s New in Annual Information Statement (AIS) for Taxpayers?

All Information System enables to taxpayers to get a comprehensive view of all the financial information available with the department and accordingly proceed with tax related matters. Also, taxpayers can find details about all material transactions such as sale of listed securities, mutual funds, dividends and interests received, foreign remittances at one place. This will give ease in return filing and others forms.

Apart from this, AIS has an added functionality of accepting feedback from taxpayers. The taxpayers can view their financial information in AIS and in case of any disagreement, they may submit their feedback for amendment of such information. The Tax Information Statement (TIS) will then show edited financial information after incorporating such feedbacks.

Salient Features of  Annual Information Statement (AIS)

1. Inclusion of New Information: AIS is an extension of Form 26AS and includes details upon interest, dividend, securities transaction, mutual fund transactions. Foreign remittance etc.

2. Data Analytics: AIS uses data analytics to populate PAN in non-PAN data for inclusion in AIS.

3. Deduplication of Information: The AIS removes duplicated information for generation of a simplified Tax Information Summary (TIS) for ease of filing of return

4. Feedback: Taxpayer will be able to submit online feedback on the information displayed in AIS and also download information in PDF, JSON, CSV file formats. AIS Utility will enable taxpayer to view AIS and upload feedback in offline manner. AIS Mobile Application is also available that will enable taxpayer to view AIS and upload feedback on mobile.

Components of Annual Information Statement (AIS)

An AIS is divided into two parts:

Part A: General Information

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

Part B: 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.

How to Access Annual Information Statement (AIS)?

AIS can be accessed by logging on to Income Tax Portal https://eportal.incometax.gov.in/iec. Below is the step-by-step guide to open the same:

Step 1: Login on to the income tax portal using the login credentials. The login ID is, generally, the PAN number of the taxpayer.

Step 2: After logging in, the AIS option can be found under the ‘Service’ tab in amongst the other tabs at the top of the page.

Step 3: After clicking on to AIS tab under the Service tab, the taxpayer will be redirected to a new AIS portal. The section wise information can be viewed there.

FAQs on Annual Information Statement (AIS)

Q.1  How can I view the Annual Information Statement for a specific Financial Year (FY)?

Ans.You can access the Annual Information Statement functionality by following below mentioned steps:

Step 1: Login to URL https://www.incometax.gov.in/

Step 2: Click on “Annual Information Statement (AIS)” under “Services” tab from the e-filing portal after successful login on e-filing portal.

Step 3: Click on AIS tab, on the homepage.

Step 4: Select the relevant FY and click on AIS tile to view the Annual Information Statement.

Q.2 In what all formats can I download my AIS?

Ans. AIS is available for download by taxpayers in the PDF and JSON formats.

Q.3 What all information is available in AIS for various income sources?

Ans. AIS will contain details upon the following:

1. Rent received

2. Salary

3. Dividend

4. Interests from Saving Bank

5. Interest from Deposit

6. Interest from Others like securities

 Q.4 What is AIS Consolidated Feedback file?

Ans. After submitting the feedback of the Annual Information Statement (AIS), you can download the AIS consolidated feedback file (PDF). It will help the taxpayers to view all their AIS feedback (other than feedback, ‘Information is correct’) related information in one pdf for easy understanding.

Q.5 How do I submit feedback on the information?

Ans. You can submit feedback on active information displayed under TDS/TCS Information, SFT Information or Other information by following below mentioned steps:

Step 1: Click on “Optional” button mentioned in the Feedback column for relevant information. You will be directed to ‘Add Feedback’ screen.

Step 2: Choose the relevant feedback option and enter the feedback details (dependent on feedback option).

Step 3: Click “Submit” to submit the feedback.

Q.6 What are the Feedback options available for submission of response against each Information detail?

Ans. The feedback options will be displayed on each Information detail. You will be able to select only one of the available options for submitting feedback. Feedback options are as follows:

Option A: Information is correct if the information belongs to you and all the attributes of the Information are correct.

Option B: Information is not fully correct if the information belongs to you, but all the attributes of the Information are not correct. Upon selecting this option, relevant information fields will be displayed, and you will be able to update correct information details. e.g.- Account number, Information value, etc.

Option C: The Information relates to other PAN/year if you are aware of the Information, but it belongs to other person or other year. For example, joint ownership of property or receiving of mentioned amount in another year.

Option D: Information is duplicate/included in other information If the information displayed is already included in another information or it is a duplicate information.

Option E: Information is denied If you are unaware of this information/transaction and want to deny that the said information pertains to you.

Option F: Customized feedback- The feedback option will be displayed based on the information category.

Q.7 What will happen once I submit the feedback?

Ans. Upon successful submission of feedback on AIS information, the feedback will be displayed with the information and the modified value of the information will also be visible with the reported value. The activity history tab will also be updated, and you will be able to download Acknowledgement Receipt. Email and SMS confirmations for submission of feedback will also be sent.

Q.8 Is there any limit on the number of times I can modify a given feedback?

Ans. Currently, there is no limit on the number of times you can modify previously given feedbacks, but you need to provide the correct reason and proper remarks for the same as they may be taken up for review and approval before giving effect to modification.

Q.9 How is my AIS feedback processed?

Ans. The feedback provided by you will be captured in the Annual Information Statement (AIS) and based on the same, the modified value (value after feedback) will be displayed. The reported value and modified value will be shown separately. The feedback provided by you will also be considered to update the derived value (value derived after considering the taxpayer feedback) in Taxpayer Information Summary (TIS).