New Annual Information Statement AIS

The Annual Information Statement (AIS) is a document issued by the Indian Income Tax Department that consolidates your financial transactions for a specific tax year. It provides a comprehensive view of information for a taxpayer in Form 26AS, including details reported by banks, investment firms, and other institutions. It shows details like salary income (with tax deducted at source – TDS), interest earned, dividend income, stock market transactions, and even high-value purchases. Importantly, the AIS shows both reported and modified values, allowing you to review the information and flag any discrepancies, making it a valuable tool for accurate tax filing

What is an Annual Information Statement, AIS?

The Annual Information Statement (AIS) is a comprehensive overview of taxpayer’s information on Form 26AS. In addition to Form 26AS, AIS also includes securities transactions, interest, dividends, overseas remittance information, bank transactions, credit card transactions, mutual fund transactions, and demands/refunds. Taxpayers can provide feedback on the information displayed on the AIS. Under each section (i.e., TDS, SFT, Other information), AIS displays both the reported value and the derived value (i.e., the value after considering taxpayer feedback). The objectives of AIS are to:

Provide complete information to taxpayers, including the ability to provide online feedback.
Encourage voluntary compliance by allowing for seamless prefilling of returns and avoiding underreporting of income.
Deter non-compliance
In case there are errors, it also accepts feedback from the taxpayers on the information displayed in AIS.

What are the Features of the Annual Information Statement, AIS?

It includes new data such as interest, dividends, securities transactions, mutual fund transactions, international remittance data, etc.
Information duplication is eliminated, and a streamlined Taxpayer Information Summary (TIS) is generated for easier return filing (pre-filling will be enabled in a phased manner).
Taxpayers will be able to provide online feedback on the information provided in AIS and download data in PDF, JSON, and CSV forms.
The AIS Utility will allow taxpayers to view AIS and provide feedback.
The AIS Mobile App allows taxpayers to view AIS and provide feedback on their handheld devices.

Taxpayer Information Summary

Taxpayer Information Summary is an aggregated category-wise summary for a taxpayer. It shows the processed value (i.e., value generated after deduplication of information based on predefined value) and derived value (i.e., value derived after considering the taxpayer’s feedback) for each information category. The derived information in TIS is used for pre-filling IT returns.

What are the Different Types of Information Shown in AIS?

Part- A – General information
Part-A contains general information about you, such as your PAN, Masked Aadhar Number, Name of the Taxpayer, Date of Birth/Incorporation/Formation, mobile number, e-mail address, and Taxpayer’s address.

PART- B
TDS/TCS Information: – This section displays information about taxes deducted/collected at the source. The TDS/TCS Information code, category, source of such information, description, and value are displayed.

SFT Information: – Information received from reporting entities under the Statement of Financial Transaction (SFT) is displayed under this heading. Obtaining the SFT code, Information description, and Information value is possible.

Tax Payments: – This section displays information about tax payments under several headings, such as Advance Tax and Self-Assessment Tax.

Demand and Refund: – During a financial year, you will be able to see the specifics of the demand made and the refund initiated (AY and amount).

Other Information: – This section displays details on information obtained from other sources, such as data on Annexure-II salary, interest on refunds, outward foreign remittances/purchases of foreign currency, and so on.

How to Check your Annual Information Statement (AIS)

Step 1: To access your Annual Information Statement (AIS), log in to the income tax e-filing portal at www.incometax.gov.in. Go to ‘AIS’.

Step 2: Click on the ‘Proceed’ button.

Step 3: It will redirect you to the compliance portal. You can view Taxpayer Information Summary (TIS) and Annual Information Statement (AIS), next to the instructions on the AIS home page.

Step 4: Now select the relevant financial year, and you can view the Taxpayer Information Summary (TIS) or the Annual Information Statement (AIS) by clicking the relevant tiles.

Step 5: You can also download the AIS and TIS by clicking on the download icon in the respective tiles. You can download the TIS in PDF format. AIS can be downloaded in PDF or JSON formats.

FAQs

Difference Between AIS and Form 26AS

Currently, Form 26AS primarily displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year.

Annual Information Statement (AIS) is a much more detailed statement. It includes savings account interest, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, etc. All the information is available in aggregate form as well as individual transaction wise.

If the taxpayer has earned Rs 1,700 savings account interest and Rs 42,000 interest on deposits from XYZ bank during the financial year, Form 26AS will only display Rs 42,000 deposit interest details on which TDS is deducted. At the same time, the annual information statement will show both the transaction details. In addition, the taxpayer can also see the bank account details from where the income was received, for example, bank name, bank account number, account type, etc. Similarly, it will display all other financial information of the previous year, such as rent received, salary, dividends, etc.

AIS covers TDS/TCS transactions, SFT information, payment of taxes, demand or refund, and other information. However, if the taxpayer has to verify GST turnover based on the details furnished in Form GSTR-3B, it is visible only in Form 26AS. AIS does not capture GST details.

CBDT has notified 57 types of Income and Expenses that will be available in AIS?

The types of Incomes and expenses that will be reflected in AIS are:

S.No	Particulars
1	Salary
2	Rent Received
3	Dividend
4	Interest from savings bank
5	Interest from deposits
6	Interest from others
7	Interest from Income Tax refund
8	Rent on plant & machinery
9	Lottery/Crossword winnings u/s 1158B
10	Horse race winnings u/s 115BB
11	PF balance from employer u/s 111
12	Infrastructure debt fund interest u/s 115A(1)(a)(ia)
13	Interest from specified company (non-resident) u/s 115A(1)(a)(aa)
14	Bonds/government securities interest
15	Units of non-resident income u/s 115A(1)(a)(ab)
16	Offshore fund income/long-term capital gain u/s 115AB(1)(b)
17	Foreign currency bonds/shares income u/s 115AC
18	Foreign institutional investors’ securities income u/s 115AD(1)(1)
19	Specified Fund securities income u/s 115AD(1)(1)
20	Insurance commission
21	Life insurance policy receipts
22	Online Games winnings u/s 115BBJ
23	National savings scheme withdrawal
24	Lottery ticket sales commission
25	Securitization trust investment income
26	Repurchase of units by MF/UTI
27	Government payable sums
28	Specified senior citizen income
29	Land/building sale
30	Immovable property transfer receipts
31	Vehicle sale
32	Securities/mutual fund units sale
33	Off market debit transactions
34	Off market credit transactions
35	Business receipts
36	GST turnover
37	GST purchases
38	Business expenses
39	Rent payment
40	Miscellaneous payment
41	Cash deposits
42	Cash withdrawals
43	Cash payments
44	Foreign remittance/foreign currency purchase
45	Foreign remittance receipt
46	Non-resident sportsmen/sports association payment u/s 1158BA
47	Foreign travel
48	Immovable property purchase
49	Vehicle purchase
50	Time deposits purchase
51	Securities/mutual funds purchase
52	Credit/Debit card transactions
53	Account balance
54	Business trust distributed income
55	Investment fund distributed income
56	Donations received
57	Virtual Digital Assets transfer receipt

Practice area's of B K Goyal & Co LLP

Company Registration Services in major cities of India

Most read resources