Annual Information Statement (AIS)
Overview of Annual Information Statement
- What is the Annual Information Statement (AIS)?
- Features of AIS
- Why is the AIS important?
- How to check your Annual Information Statement (AIS)
- How to download AIS from income tax e-filing website?
- How to Download AIS APP
- How to Open AIS PDF?
- Types of Information Shown in AIS
- Difference between AIS and Form 26AS
- How to Submit Feedback on AIS
- Conclusion
- FAQs
What is the Annual Information Statement (AIS)?
The Annual Information Statement (AIS) on Form 26AS provides a complete picture of taxpayers’ information. The taxpayer can submit comments on the information displayed in AIS. AIS displays each section’s reported and adjusted values (based on taxpayer feedback) (TDS, SFT, Other information).
Features of AIS
Let’s have a look at the features of AIS:
- It includes information on dividends, interest, securities transactions, mutual fund transactions, international remittances, etc.
- Taxpayer Information Summary (TIS) summarises the information provided by AIS while submitting Income Tax Returns (ITR).
- It allows taxpayers to download information from the official website in CSV, PDF, and JSON format.
- Taxpayers can provide online feedback on the AIS information.
Why is the AIS important?
The Annual Information Statement (AIS) is important in India for several reasons:
Benefits for Taxpayers:
- Pre-filled Tax Returns: The Income Tax Department uses AIS data to pre-fill your tax return. This saves you time and effort spent manually entering your income information.
- Error Detection: By analyzing your AIS, you can detect differences in the information given by various entities (such as banks and mutual funds) and report them for correction. This helps to verify the accuracy of your tax return and prevents potential tax liabilities in the future.
- Transparency: The AIS combines your financial transactions from multiple places, allowing you to see your total income and tax deductions.
Benefits for the Government:
- Improved Tax Compliance: Easier pre-filling and error detection using AIS can encourage taxpayers to file proper returns while reducing tax evasion.
- Efficiency: The pre-filled data from AIS streamlines the government’s tax filing process, reducing manual data entry and processing time.
- Better Tax Administration: The government can use AIS to identify potential tax problems and better target audits.
Overall, the AIS helps simplify tax filing for individuals while encouraging better tax administration for the government.
How to check your Annual Information Statement (AIS)
Now, let us look at the detailed process for verifying your AIS data:
1: Go to the official website for income tax, https://www.incometax.gov.in/iec/foportal.
2: You will be redirected to your profile.
3: Select ‘Services’ from the top panel.
4: Select ‘Annual Information Statement’ in the drop-down list.
5: You will see a popup notification that directs you to the AIS homepage.
6: Click ‘Proceed’.
7: On the new page, find the TIS and AIS.
8: Select the financial year to locate the data and download the file in your selected format.
How to download AIS from an income tax e-filing website?
You can download AIS in PDF, JSON, or CSV format. The Income Tax Department has also introduced a free mobile app called “AIS for Taxpayers”, which lets you view your AIS and submit responses directly from your phone.
1. Visit https://www.incometax.gov.in/iec/foportal/
2. From the dashboard, click on “AIS”
- Click on Proceed.
You’ll be redirected to the AIS homepage.
- Click the AIS tab.
Select the correct financial year and PAN and click on the download icon.
5. You can now download the AIS in either PDF or JSON format.
6. To get a full picture of the AIS, go to Annual Information Statement (AIS).
How to Download AIS APP
Users can get ‘AIS for Taxpayer’ from Google Play or the App Store. The Income Tax Department provides the app for free and allows users to download it online. Here are the procedures for downloading the app:
1. Install the app on your mobile device.
2. Register yourself by entering your PAN number.
3. Enter the OTP received at your registered email address and mobile number.
4. After completing the authentication procedure, create a 4-digit PIN to log into the mobile app.
How to Open AIS PDF?
AIS PDF files are password protected, so you must unlock them with a suitable password format. Enter the PAN number in lowercase and the date of incorporation of a non-individual taxpayer or date of birth in the format DDMMYYYY with no space between.
For example, if the PAN is ABABA5678B and the birth date is June 7, 1996, the AIS PDF password is ababa5678b07061996.
Types of Information Shown in AIS
The Annual Information Statement is divided into sections A and B, containing several information forms.
Part A
Included in this section are general details like:
- PAN number
- Masked Aadhar number
- Name
- Date of birth
- Contact information
Part B
The following are listed under Part B:
- Information from the SFT (Statement of Financial Transaction)
- Details of demand and refund
- Details about TDS or TCS
- Details of tax payments
- Outward foreign remittance
- Interest earned from refunds
- Transactions made in foreign currencies, etc.
Difference between AIS and Form 26AS
| Parts | Form 26AS | Annual Information Statement (AIS) |
| The level of detail | Basic | More detailed |
| Content | High-value investments, real estate purchases, TDS/TCS transactions | Savings account interest, stocks and property transactions, international remittances, deposit interest, etc. |
| Transaction Format | Aggregated data | Aggregated and individual transaction data |
| Types of Information | TDS/TCS transactions, GST turnover (from Form GSTR-3B) | Savings account interest, securities/immovable property purchases and sales, foreign remittances, deposit interest, SFT, tax payments, demands or refunds |
| Availability of GST Data | Yes (Form GSTR-3B) | No |
How to Submit Feedback on AIS
To provide feedback on AIS under TDS/TCS Information, SFT Information, or Other Information Transactions done using foreign currency, etc. Please follow the instructions listed below.
1: Click the “Optional” box in the Feedback column to get relevant information.
2: Select the relevant feedback option and enter the required information.
3: To submit the feedback, click “Submit.”
How to Rectify Errors in AIS?
To correct any mistakes in your AIS, follow the steps below:
First, go to the Annual Information Statement (AIS) tab. Here, you will see different sections like TDS or TCS details, SFT information, tax payments, demand and refund details, and other information.
For example, if you want to make a correction in the SFT information section, open that section and select the entry for which you want to give feedback.
Once you click on the selected information, it will expand. There, click on the “Optional” button to submit your feedback.
Next, choose the appropriate feedback type from the options given.
After submitting the feedback, the revised amount will be shown in brackets. This revised value will be used to update the Taxpayer Information Summary (TIS).
The updated value in TIS will then be used to prefill the details in your ITR form.
Conclusion
Financial well-being matters a lot today, which is why keeping track of your transactions is important. One of the easiest ways to do this is through the Annual Information Statement (AIS). It gives a complete picture of your financial activities, no matter what type of income or transaction it is.
AIS helps bring more transparency and responsibility for taxpayers. It also makes it easier to stay compliant with tax rules and gives better control over personal finances.
To strengthen your financial well-being, having a health insurance plan is a smart move. Health insurance acts as a financial safety net during medical emergencies and helps you manage expenses without disturbing your savings, while also taking care of your health.
This post about the Annual Information Statement (AIS) has ended. Please share your ideas and opinions in the comments box below.
FAQs
1. How can I get my AIS from income tax?
Ans: You can get the AIS form from the income tax department’s website, www.incometax.gov.in.
2. What should you do if there is an error on the AIS or Form 26AS?
Ans: You can use the online AIS form to change incorrect information.
3. What's the distinction between AIS and TIS?
Ans: AIS presents information in context for several banks. TIS, on the other hand, shows the total interest that is collected.
4. What is the full form of TIS?
Ans: TIS stands for Taxpayer Information Summary.
