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Annual Information Statement (AIS) for Indian Taxpayers

Understanding the Annual Information Statement (AIS) for Indian Taxpayers

Understanding the Annual Information Statement (AIS) for Indian Taxpayers

What is the Annual Information Statement (AIS)?

The Annual Information Statement (AIS) is a comprehensive document provided by the Indian Income Tax Department, giving taxpayers a detailed view of their financial transactions for a particular financial year. It is an extension of Form 26AS and includes a wider range of information such as savings account interest, dividends, rent received, securities transactions, foreign remittances, and GST turnover. The AIS aims to promote voluntary compliance, enable seamless pre-filling of tax returns, and deter non-compliance.

Key Objectives of AIS

  • Comprehensive Information: AIS displays a complete picture of a taxpayer’s financial information.
  • Feedback Mechanism: Taxpayers can provide feedback on the information displayed.
  • Voluntary Compliance: Encourages taxpayers to comply voluntarily by showing complete information.
  • Prefilling of Returns: Facilitates the pre-filling of tax returns, making the filing process more efficient.

Viewing Your AIS

To view the AIS, follow these steps:

  1. Login to the Income Tax Portal: Visit incometax.gov.in and log in to your account.
  2. Navigate to AIS: After logging in, click on the ‘Annual Information Statement (AIS)’ menu on the dashboard.
  3. Proceed to AIS Portal: Click the ‘Proceed’ button, which will redirect you to the AIS portal. Click on the AIS tile to view your statement.

Alternatively, you can access it via the e-File menu by selecting 'Income Tax Return > View AIS' and then proceeding as above.

Components of AIS

AIS is divided into two main parts:

Part A: General Information

This section includes personal details like PAN, masked Aadhaar number, name, date of birth or incorporation, mobile number, email address, and residential address.

Part B: Detailed Information

This section provides detailed financial information, categorized as follows:

  • TDS/TCS Information: Details of tax deducted/collected at source.
  • SFT Information: Information from reporting entities under the Statement of Financial Transactions (SFT).
  • Payment of Taxes: Information on advance tax and self-assessment tax payments.
  • Demand and Refund: Details of any tax demands raised and refunds initiated during the financial year.
  • Other Information: Includes details like salary information from Annexure II, interest on refunds, outward foreign remittances, and GST turnover.

Taxpayer Information Summary (TIS)

The Taxpayer Information Summary (TIS) is an aggregated summary of the financial information categorized by type (e.g., salary, interest, dividend). It includes values processed by the system after deduplication and values accepted by the taxpayer after feedback.

Downloading AIS

Taxpayers can download their AIS in various formats, including PDF, JSON, and CSV.

Providing Feedback on AIS

Taxpayers can submit feedback on the AIS information by following these steps:

  1. Select Feedback Option: Click on the optional button in the feedback column for relevant information.
  2. Provide Feedback: Choose the appropriate feedback option and enter the details.
  3. Submit: Click ‘Submit’ to finalize the feedback.

Confirmation and Tracking

Upon submission of feedback, taxpayers will receive email and SMS confirmations. They can also track their activity history and download an acknowledgment receipt.

AIS Consolidated Feedback File

The AIS Consolidated Feedback file (ACF) is a PDF document summarizing all feedback provided by the taxpayer, making it easier to understand the modifications made.

Conclusion

The Annual Information Statement (AIS) is a valuable tool for Indian taxpayers, offering a detailed and comprehensive view of their financial transactions. It enhances transparency, facilitates compliance, and simplifies the tax return filing process. By regularly reviewing and providing feedback on their AIS, taxpayers can ensure accurate and up-to-date financial records.

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