Kolkata: According to the Income Tax Department, the AIS or Annual Information Statement offers a view of information for a taxpayer displayed in Form 26AS. Taxpayer can provide feedback on information displayed in AIS. AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information).
According to the IT Department, AIS is actually an extension of Form 26AS. While Form 26AS contains displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the related FY, AIS also includes interest earned from savings account, dividend, rent received, purchase and sale transactions of securities/immovable properties, interest on deposits, GST turnover. Significantly, AIS also offers the taxpayer the option to give feedback on the transactions reported.
Usefulness of the AIS
There are a few significant uses of the AIS from the perspective of the government. These are:
AIS deters non-compliance and under-reporting of income
AIS gives complete information to the taxpayer with a facility to recording his/her feedback, which is given online
AIS helps voluntary compliance and enable seamless prefilling of income tax return (ITR)
How can one view one’s AIS
The AIS can be accessed by a few clicks of the button at the income tax portal. The steps are:
ONE: Login to the portal at https://www.incometax.gov.in/
TWO; Click Annual Information Statement (AIS) menu on the dashboard
THREE: Click ‘Proceed’ button which will redirect you to AIS portal
FOUR: Once in AIS portal click AIS tile to view the Annual Information Statement.
Information in two parts
AIS contains all the information in two different parts. The first part, referred to as PART A has general information of the taxpayer such as PAN, Aadhar number, name of individual, date of birth, mobile number, e-mail address and postal address of taxpayer. The second part, referred to as PART B has all the TDS and TCS information — Statement of Financial transaction (SFT), payment of advance tax, self-assessment tax etc. There is also Demand and Refund through which one can view the details of the demand raised and refund initiated during a FY. Also data to interest on refund, outward foreign remittance, purchase of forex etc.
AIS, or Annual Information Statement, is a compilation of information for a taxpayer displayed in Form 26AS. It shows both reported value and modified value, which is value after considering feedback from taxpayer, under each section such as TDS (tax deducted at source), SFT (statement of financial transactions) etc. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
