The Annual Information Statement (AIS) is a comprehensive record of a taxpayer’s financial activities and tax-related information for a specific financial year. Introduced under Section 285BB of the Income-tax Act, it aims to provide taxpayers with a consolidated statement of their incomes, financial transactions, prepaid taxes, and other relevant details to facilitate accurate return filing. The AIS is uploaded in the taxpayer’s registered account by the Principal Director General of Income-tax (Systems), the Director General of Income-tax (Systems), or authorised persons within three months from the end of the month in which the information is received. It expands the earlier scope of Form 26AS by including a wide range of data such as TDS and TCS, specified financial transactions, tax payments, pending and completed proceedings, demand and refund information, and data received from other authorities or under agreements referred to in sections 90 and 90A. It also contains GST return information, foreign remittance details reported in Form 15CC, data from Form 24Q Annexure-II, details from ITR filings of other taxpayers, interest on IT refund, information in Form 61/61A, off-market transactions reported by depositories or RTAs, dividends and mutual fund purchase information reported by RTAs, and any additional data considered relevant by the Income-tax Department. By providing this consolidated information, AIS helps taxpayers cross-check their records, avoid errors, and ensure accurate tax computation.
Taxpayers can access the AIS through their income-tax e-filing account and may also use an offline utility for viewing and responding to the data. If a taxpayer identifies errors such as incorrect entries, duplication, or information belonging to another person, feedback can be submitted directly through the e-filing portal. The AIS serves a dual purpose: it assists the taxpayer in correctly computing taxable income with pre-filled data and enables Assessing Officers to validate the accuracy of disclosures made in the return. The statement supports transparency and reduces the likelihood of omissions or mismatches during assessments. The accompanying multiple-choice questions highlight key learning points regarding AIS—its purpose, the designated authority responsible for uploading information, the types of data covered, the timelines for uploading certain categories of information, and the correct portal for accessing and responding to AIS details. The questions further clarify that AIS contains extensive information ranging from TDS/TCS and dividends to specified transactions and foreign remittances; that the Director General of Income-tax (Systems) is authorised to upload several categories of information; and that taxpayers must use the income-tax e-filing portal to view and submit feedback. Overall, AIS functions as an expanded financial information statement designed to support accurate return filing and provide the tax authorities with a consolidated dataset for verification purposes.
Annual Information Statement (AIS)
Annual Information Statement (AIS) is a statement that provides complete information about the prepaid taxes and prescribed financial transactions entered into by taxpayer for a particular financial year. A taxpayer can access AIS information by logging into his income-tax e-filing account.
What is Annual Information Statement (AIS)?
Section 285BB of the Income-tax Act provides that the Income-tax authority or any other person authorized on this behalf shall make available an Annual Information Statement to the assessee containing information on various financial transactions made by him during the year.
AIS has been introduced in the Income-tax Act to enlarge the scope of information to be made available to the assessee for filing of return of income. This information, on one hand, will be useful for the Assessing Officers to cross-check the details furnished in return for income by taxpayers. On the other hand, taxpayers would be able to easily compute their tax liability and file returns as all information would be pre-filled on basis of AIS.
Which types of information are covered in AIS?
Section 285BB read with rule 114-I of the Income-tax Rules, 1962 provides that the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or any person authorised by him shall, upload such annual information statement in Form No. 26AS in the registered account of the assessee within 3 months from the end of the month in which the information is received. Such form shall consist of the following information:
a. Information relating to TDS and TCS;
b. Information relating to Specified Financial Transactions (SFT);
c. Information relating to the payment of taxes;
d. Information relating to demand and refund;
e. Information relating to pending proceedings;
f. Information relating to completed proceedings;
g. Information received from any officer, authority, or body performing any functions under any law or information received under an agreement referred under section 90 or section 90A;
h. Information relating to GST return;
i. Foreign remittance information reported in Form 15CC;
j. Information in Annexure-II of the Form 24Q TDS Statement of the last quarter;
k. Information in the ITR of other taxpayers;
l. Interest on Income Tax Refund;
m. Information in Form 61/61A where PAN could be populated;
n. Off Market Transactions Reported by Depository/Registrar and Transfer Agent (RTA);
o. Information about dividends reported by Registrar and Transfer Agent (RTA);
p. Information about the purchase of mutual funds reported by Registrar and Transfer Agent (RTA); and
q) Information received from any other person to the extent it may be deemed fit in the interest of the revenue.
How to access AIS?
An assessee can access AIS information by logging into his income-tax e-filing account. If he feels that the information furnished in AIS is incorrect, duplicated, or relates to any other person, etc., he can submit his feedback thereon.
MCQ on Annual Information System
Q1: Annual Information Statement (AIS) provides complete information about a taxpayer for .
a. a quarter
b. a financial year
c. a calendar year
d. six months
Correct Answer: (b)
Justification of correct answer: Annual Information Statement (AIS) is a statement that provides complete information about a taxpayer for a particular financial year. It contains information about taxpayers’ incomes, financial transactions, tax details, income-tax proceedings, etc.
Q2: Who is the prescribed authority for uploading the information in AIS?
a. Principal Director General of Income-tax (Systems)
b. Director General of Income-tax (Systems)
c. Any person authorised by (a) and (b)
d. All of the above
Correct Answer: (d)
Justification of correct answer: Section 285BB read with rule 114-I of the Income-tax Rules, 1962 provides that the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or any person authorised by him shall upload certain specified information as available with them in the annual information statement.
Q3: AIS contains information relating to
a. TDS and TCS
b. Dividends reported by Registrar and Transfer Agent (RTA)
c. Specified Financial Transactions (SFT)
d. All of the above
Correct Answer: (d)
Justification of correct answer: Annual Information statement contains the following information in respect of an assessee about all the above-mentioned options i.e., TDS and TCS, Dividends reported by Registrar and Transfer Agent (RTA), and Specified Financial Transactions (SFT) for a particular financial year.
Q4: Which of the following information is required to be uploaded in AIS by DGIT (System) within 3 months from the end of the month in which the information is received?
a. Information relating to TDS and TCS
b. Information relating to foreign remittance details reported in Form 15CC
c. Both (a) and (b)
d. None of the above
Correct Answer: (b)
Justification of correct answer: The CBDT has authorised the Director General of Income-tax (Systems) to upload information relating to points (h) to (p) given above in the AIS within 3 months from the end of the month in which the information is received by him. Such points include information relating to foreign remittance information reported in Form 15CC.
Q5: In case of any deficiency in AIS, a taxpayer can submit feedback through which portal?
a. Income Tax Department (https://www.incometaxindia.gov.in.)
b. e-Filing website (https://www.incometax.gov.in/iec/foportal/)
c. TRACES Website (https://contents.tdscpc.gov.in/ )
d. Reporting Portal (https://report.insight.gov.in/reportingwebapp/portal/homePage)
Correct Answer: (b)
Justification of correct answer: An assessee can access AIS information by logging into his income-tax e-filing account. If he feels that the information furnished in AIS is incorrect, duplicated, or relates to any other person, etc., he can submit his feedback thereon.
Q6: An assessee can access and respond to AIS information
a. Online through income-tax e-filing portal
b. Through offline utility
c. Both (a) and (b)
d. None of the above
Correct Answer: (c)
Justification of correct answer: An assessee can access and respond to AIS information either directly from the income-tax e-filing portal or he can also use an offline utility.
(Republished with amendments)
While AIS is supposed to HELP Tax payer , to whom do I complain / report about a FALSE
INFORMATION in SFT-17 ? The info indicates
Rs 49. 93 Lacs , for purchase of securities in the quarter July -Sept. of FY 2023, which DOES NOT PERTAIN to me. My Demat agency also declares NO SUCH TRANSACTION has
happened in my account .