Diwali 2021 – Gifts received by Taxpayers from Income-tax Department

Diwali symbolizes the victory of light over darkness, good over evil and knowledge over ignorance. This is a festival of lights, gifts, feasts and sweets. There is the custom of exchanging gifts on Diwali to show up the feeling of togetherness, love and affection. Likewise this year the Income-tax department has gifted ‘Annual Information Statement (AIS)’ and ‘Taxpayer Information Summary (TIS)’ to the taxpayers. Seemingly AIS and TIS will bring sweetness and brightness to the life of taxpayers and also symbolize knowledge over ignorance while submitting the return of income.

Annual Information Statement (AIS) - Diwali Gifts to Taxpayers

Annual Information Statement (AIS) is a comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayer Information Summary (TIS) is an information category wise information summary for a taxpayer. The taxpayers can access the “Annual Information Statement (AIS)” under the “Services” tab from the e-filing portal after successful login on the e-filing portal.

These are very useful gifts from the tax department as they are going to immensely benefit the taxpayers as we have seen people generally miss reporting certain transactions intentionally or unintentionally while filing their Income Tax Returns (ITR). This results in re-assessment notices and litigation since if the Assessing Officer comes across any information suggesting that any income chargeable to tax has escaped assessment for any assessment year, he may reopen the case for that particular year within the time limit of 3 years/10 years depending upon the quantum of income escaped. Since the AIS & TIS will give a glimpse of transactions beforehand, it shall reduce the chances of enquiries and notices from the department even for small omissions or mistakes.

Annual Information Statement (AIS) – Diwali Gifts to Taxpayers

The kind of information that is made available in AIS and TIS shows that how the department is maintaining 360-degree data profiling of taxpayers. This information is not less than a birth chart mapping all your financial transactions are done last year ranging from interest on deposits, dividend, securities transactions, mutual fund transactions, foreign remittance, interest on saving accounts, etc. Seeing such a vast information it seems that the days are not so far when apart from matching horoscopes from astrologers, the people will come to tax professionals to match AIS & TIS of bride and groom to ascertain whether their married life will be happy and successful. This might become a deciding factor for making a match between two individuals.

You should cross-check this information before filing the Income-tax return (ITR). In case, you have already filed an ITR for the financial year 2020-2021 then you should ascertain that there is no mismatch of income. If you notice any error or omission in your return of income based on the details in AIS or TIS, you can file a revised ITR to correct such error or omission in the originally filed return. If a revised return is filed, the original return is deemed to have been withdrawn and substituted by the revised return.

Frequently asked questions (FAQs) on AIS and TIS:

1. What is an Annual Information Statement (AIS)?

AIS is a comprehensive view of information for a taxpayer displayed in Form 26AS. The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc. The taxpayer will be able to download AIS information in PDF, JSON, CSV formats. A taxpayer can provide feedback on the information displayed in AIS. AIS shows both reported value and modified value (i.e. the value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information).

2. What is Taxpayer Information Summary (TIS)?

TIS is an information category wise aggregated information summary for a taxpayer. 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) under each information category (e.g. Salary, Interest, Dividend etc.). The derived information in TIS will be used for prefilling of return, if applicable.

3. How to access AIS and TIS at the e-filing portal?

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

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

Step 3: Navigate to AIS Homepage. View Taxpayer Information summary (TIS) and Annual Information Statement (AIS)

4. What sort of information is shown in AIS?

The information shown on AIS is divided into two parts:

(a) PART A- General Information

Part-A displays general information about you including PAN, Masked Aadhar Number, Name of the Taxpayer, Date of Birth/Incorporation/Formation, mobile number, e-mail address and address of Taxpayer.

(b) PART- B

• TDS/TCS Information: – Information related to tax deducted/collected at source is displayed here. The Information code of the TDS/TCS, Information description and Information value is shown.

• SFT Information: – Under this head information received from reporting entities under Statement of Financial transaction (SFT) is displayed here. The SFT code, Information description and Information value is made available.

• Payment of Taxes: – Information relating to the payment of taxes under different heads, such as Advance Tax and Self-Assessment Tax, is shown.

• Demand and Refund: – You will be able to view the details of the demand raised and refund initiated (AY and amount) during a financial year. (Details related to Demand will be released soon)

• Other Information: – Details of the information received from the other sources, such as data about Annexure-II salary, Interest on refund, Outward Foreign Remittance/Purchase of Foreign Currency etc., is displayed here.

5. What is the password to open “AIS – PDF” downloaded from the portal?

The downloaded PDF will be password protected. To open the file, you will need to enter the combination of the PAN (in upper case) and the date of birth in case of individual taxpayer or date of incorporation/ formation for the non-individual taxpayer in the format DDMMYYYY without any space. For example, if the PAN is AAAAA1234A and the date of birth is 21st January 1991 then your password will be AAAAA1234A21011991.

6. Can I submit my feedback on the information shown in AIS?

A taxpayer can provide feedback on the information displayed in AIS. 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 another person or another year e.g. joint ownership of property or receiving of the mentioned amount in another year.

Option D: Information is a duplicate/included in other information

If the information displayed is already included in another information or it is 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: Customised feedback

The feedback option will be displayed based on the information category

7. What will happen once I submit the feedback?

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 the submission of feedback will also be sent.

8. What are the details provided in TIS?

You will be shown various details within the Taxpayer Information Summary such as,

• Information Category

• Processed Value

• Derived Value

Further, within an Information Category following information is shown:

• Part through which information received.

• Information Description.

• Information Source.

• Amount Description.

• Amount (Reported, Processed, Derived)

Author Bio

Qualification: CA in Practice
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Member Since: 25 Apr 2017 | Total Posts: 43
Mr. Tarun is a Chartered Accountant (Member, Institute of Chartered Accountants of India). He is a First Class commerce graduate from Panjab University, Chandigarh. He has also qualified the Diploma in International Taxation conducted by ICAI. He is currently practicing at New Delhi. He has exten View Full Profile

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16 Comments

  1. Swatantra says:

    I have already got refund is it compulsory to check aid and send feedback and if there is any difference in income but no difference in tax should I file revised return

  2. GANDHI MOHAN BHARATI says:

    After haggling a lot with Help Line EXECUTIVE (?) the problem of opening to AIS portal became available. I do not understand many things in terms like “Active”, “Inactive” etc. The information displayed shows details of Deposits closed long back as ACTIVE. Also they are giving the REPORTING DATE BY THE BANK and how do I trace all old Deposit Receipts by the Number?

    Feed back is customised. And does not permit detailed explanation.

    The IT Refund pertain to the AY 2010-11 and why show it in AIS of AY 2021-22?

    I am yet to go through in detail.

    When TDS details are given 26AS showed Interest Paid and TDS totals; but in AIS it is not so and we have to calculate.

    By and large 26AS was more user friendly.

    AIS requires a CA to unravel things

  3. K.B.Subramanian says:

    AIS/TIS varies from 26AS and causes confusion and chaos.Introducing more and more terms like processed value, derived value etc makes the form more complicated.The grievances lodged in the ITR portal are not yet resolved even after a month.Senior citizens are finding it really taxing to file the return.

  4. gurumoorthy says:

    I endorse the comments, As detailed by fellow commentators on the subject. I do not understand why instead of simplifying they (don’t really know whether it is the advise of the initiator – Ministry of Finance or the facilitator -Infosys to come out with such complicated data. It is nice to have the income under 7 Buckets as mentioned in the summary page of TIS. But what is confusing and force individuals to seek professional (read CAs TRPs) help to decipher / amend the input data in AIS. In my case, receipts of Dividends/ interest from deposits of FY 21 & FY 22 have been clubbed. Value of sale of Short Term and Long Term securities are not accurate. Also individual sections viz., sale of securities of short term & long term, Interest received from Dividend & deposits etc are not aggregated. Value in these sections which are inactive are also provided. They should provide only Active section in this.
    Even to report and seek corrections isn’t going to be easy and will only add to the chaos.
    The glitches of ITR portal is still not gone completely. After raising grievance and continuously following up with repeat submissions with screenshots, they could solve the glitches in ITR2 . It took me 46 days to file my return. without resolving they either close the grievance or term it as resolved. As rightly pointed out by some one , they shall update 26AS with feedback mechanism rather than re inventing the wheel.
    One submission, and Prayer, is that they shall keep both the 26AS and novel one till the time the transition happen smoothly. I dread the waiting dragon of transition from old to new ITR and many other new ideas.

  5. Kiran Saxena says:

    There is difference in tax paid through OLTAS in AIS and in form AS26. Also the value of property purchased is shown higher than value of property in AIS for which 0.75 % tax is paid in financial year 2020-2021

  6. M.Subramanian says:

    In my AIS the infomation on tax paid is incorrect It shows tax paid during April,20 to July 20 which is actually self assessment tax for FY19-20. Self assessment tax paid for FY 20-21 will be during April, 21 to Dec, 21. The presumption that tax paid in a year is for that year is incorrect. Tax paid may even relate to earlier years if due to demand. Only advance tax will relate to the same year in which it is paid

  7. Ravindra says:

    Every change in income tax website is a headache to taxpayer for 3-4 months. The quality of software by Infosys is very poor. It follows trial and error method.

  8. GANDHI MOHAN BHARATI says:

    As usual this facility starts with glitches. I checked my TIS for FY 2020-21it shows a Interest of Rs.135/- on my IT Refund, which i did not receive. All information there in are incorrect. It has taken into account deposits made on a short term basis and not taken into account their closure. 26AS SFT details are correct.
    So we are going to have new nightmare

    1. TARUN786 says:

      There might be some incorrect information displayed in certain cases but the benefit here is that the taxpayer can always provide feedback on the information displayed in AIS, no such option was there in Form 26AS.

      The department is also parallelly continuing Form 26AS on the TRACES portal till the new AIS is validated and completely operational.

      1. GANDHI MOHAN BHARATI says:

        Agreed. But after reading the Hand Book of instructions and trying to correct it I have encountered 502 ERROR and the page of AIS doe NOT Open up.

        It is a headache for assessee to keep checking and correcting the faults of the Department all the time. Why not improve the 26AS rather than trying something new and troubling the assessees? Please note that all assessees are NOT TECH SAVVY

      2. GANDHI MOHAN BHARATI says:

        Added to the agony is that when I submit a Grievance the message displays the Grievance ID and a Note ” “Dear taxpayer, a communication has been sent to your registered email and mobile number” – NO MESSAGE HAS COME FOR 4 OF MY GRIEVANCES.

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