If you are a taxpayer in India, it is essential to be aware of the Annual Information Statement (AIS). In this article, we will cover everything you need to know about AIS, its components, and how to view and submit feedback on the information displayed, based on the FAQs.
What is Annual Information Statement (AIS)?
Annual Information Statement (AIS) is a comprehensive view of a taxpayer’s information displayed in Form 26AS. The statement shows both reported and modified values under each section, including TDS, SFT, and other information. The objective of AIS is to display complete information to the taxpayer with a facility to capture online feedback, promote voluntary compliance, and deter non-compliance.
Components of AIS
AIS consists of two parts: Part A – General Information and Part B – Detailed Information.
Part A – General Information
Part A displays general information pertaining to the taxpayer, including PAN, Masked Aadhar Number, Name of the Taxpayer, Date of Birth/ Incorporation/ Formation, mobile number, e-mail address, and address of the taxpayer.
Part B – Detailed Information
Part B is further divided into five categories:
TDS/TCS Information
Under this category, information related to tax deducted/collected at source is displayed. The Information code of the TDS/TCS, Information description, and Information value are shown.
SFT Information
Under this head, information received from reporting entities under Statement of Financial Transaction (SFT) is displayed. The SFT code, Information description, and Information value are made available.
Payment of Taxes
Information relating to payment of taxes under different heads, such as Advance Tax and Self-Assessment Tax, is shown.
Demand and Refund
You can 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 other sources, such as data pertaining to Annexure II salary, Interest on refund, Outward Foreign Remittance/ Purchase of Foreign Currency, etc., are displayed here.
Viewing the Annual Information Statement
To view the AIS, you need to follow the below-mentioned steps:
i) Login at the e-filing website of the Income Tax Department (incometax.gov.in).
ii) Click on “Annual Information Statement (AIS)” under the “Services” tab from the e-filing portal after successful login on the e-filing portal.
iii) Click on the AIS tab on the homepage.
iv) Select the relevant FY and click on the AIS tile to view the Annual Information Statement.
More details on AIS can be found in the Annual Information Statement User Guide available in the “Resources” section at AIS Homepage.
Submitting Feedback on AIS
AIS provides taxpayers the option to give feedback on the transactions reported. To submit feedback, follow the steps mentioned below:
i) Click on the “Optional” button mentioned in the Feedback column for relevant information. You will be directed to the ‘Add Feedback’ screen.
ii) Choose the relevant feedback option and enter the feedback details (dependent on feedback option).
iii) Click “Submit” to 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 an Acknowledgement Receipt. Email and SMS confirmations for submission of feedback will also be sent.
Taxpayer Information Summary (TIS)
Taxpayer Information Summary (TIS) is an information category-wise aggregated information summary for a taxpayer. It shows processed and derived values under each information category (e.g., Salary, Interest, Dividend, etc.). The derived information in TIS will be used for prefilling of return, if applicable. The TIS displays various details such as the Information Category, Processed Value, and Derived Value.
Furthermore, within an Information Category, the following information is shown:
i) Part through which information received
ii) Information Description
iii) Information Source
iv) Amount Description
v) Amount (Reported, Processed, Derived)
Downloading AIS
Annual Information Statement (AIS) can be downloaded in PDF, JSON, and CSV file formats.
Activity History in AIS
AIS allows you to track the activity history by clicking on the Activity history button on AIS homepage. You will be provided with a summary view of activity performed on the AIS functionality. The system-generated ID (Activity ID) will be created for each performed activity, Activity date, Activity description, and detail will be displayed under this tab.
Is there a limit on the number of times I can modify a given feedback?
Currently, there is no limit on the number of times you can modify previously given feedbacks.
Can I verify the GST turnover in AIS?
Yes, the GST turnover information is displayed under information code (EXC-GSTR3B) in the Other Information tab in AIS.
Conclusion
AIS is a valuable tool for taxpayers in India. It provides comprehensive information, including TDS, SFT, and other details, and allows for online feedback submission. In this article, we covered everything you need to know about AIS, its components, and how to view and submit feedback on the information displayed.
For detailed, official and updated set of FAQs on AIS, please visit e-filing website.