The Annual Information Statement (AIS) is a detailed record of a taxpayer’s financial transactions and tax-related details for a given financial year, as mandated under Section 285BB of the Income-tax Act. It includes various financial data such as TDS, TCS, specified financial transactions, tax payments, demands, refunds, and GST returns. The AIS is categorized and summarized into the Taxpayer Information Summary (TIS), which presents this information in a more digestible format. Taxpayers can access their AIS/TIS through their income-tax e-filing account or the mobile app “AIS for Taxpayer.” If there are discrepancies or incorrect information in the AIS, taxpayers can provide feedback through the e-filing portal or an offline utility.
FAQs on Annual Information System (AIS) & Taxpayer Information Summary (TIS)
Q1. What is Annual Information Statement (AIS)?
Ans: Section 285BB of the Income-tax Act provides that the Income-tax authority or any other person authorised 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.
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.
Q2. What is Taxpayer Information Summary (TIS)?
Ans: Taxpayer Information Summary (TIS) is a category-wise taxpayer summary of such information.
Q3. Which types of information are covered in AIS?
Ans: Section 285BBread 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 which contains the following information in respect of an assessee for a particular financial year:
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.
The CBDT has authorised the Director General of Income-tax (Systems) to upload information relating to points (h) to (p) in the AIS within 3 months from the end of the month in which the information is received by him.
Q4. How to access AIS/TIS?
Ans: An assessee can access AIS/TIS information by logging into his income-tax e-filing account or through the mobile app “AIS for Taxpayer”. 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 directly from the income-tax e-filing portal, or using an offline utility.
