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.
Q1. What is Annual Information Statement (AIS) and how it’s different from 26AS?
Annual Information Statement (AIS) is a comprehensive view of information for a taxpayer displayed in Form 26AS. It shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information). The objectives of AIS are to display complete information to the taxpayer with a facility to capture online feedback, promote voluntary compliance, enable seamless prefilling of return and deter non-compliance.
AIS is the extension of Form 26AS, which displays details of property purchases, high-value investments and TDS/TCS transactions carried out during the financial year. AIS additionally includes savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover etc. AIS also provides the taxpayer the option to give feedback on the transactions reported.
Q2. What are the components of Annual Information Statement (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.
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.
Q3. How can I 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.
Q4. How can I submit Feedback on AIS?
You can submit feedback on active information displayed under TDS/TCS Information, SFT Information or Other information by clicking on the Optional button mentioned in the Feedback column for relevant information. You will be directed to Add Feedback screen. Choose the relevant feedback option and enter the feedback details (dependent on feedback option). 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.
Q5. What is AIS Consolidated Feedback file?
AIS Consolidated Feedback file (ACF) gives the taxpayers a facility to view all their AIS feedback (other than feedback, ‘Information is correct’) related information in one pdf for easy understanding. After submitting the feedback of the AIS, you can download the AIS consolidated feedback file (PDF).
Q6. What does Taxpayer Information Summary (TIS) contain under AIS?
Taxpayer Information Summary (TIS) is an information category wise aggregated information summary for a taxpayer. It shows processed value (i.e. value generated after deduplication of information based on pre-defined rules) and derived value (i.e. 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 pre-filling of return, if applicable.
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, and
v) Amount (Reported, Processed, Derived).
Q7. In what all formats can I download my AIS?
You can download Annual Information Statement (AIS) in PDF, JSON and CSV file formats.
Q8. Can I track the activity history in AIS?
Yes, you can track the activity history in AIS by clicking on the Activity History button on AIS homepage. You will be provided 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.
Q9. 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.
Q10. Can I verify the GST turnover in AIS?
Yes, AIS does display the information related to GST turnover under information code (EXC-GSTR3B). The same would be visible 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, in addition to provoding facility of 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.