ANNUAL INFORMATION SYSTEM(AIS)
The Annual Information Statement (AIS) in Form 26AS is a comprehensive view of information for a taxpayer that includes details of tax credits received from various deductors/collectors, tax payments made by the taxpayer, and any tax refund received by the taxpayer. Taxpayers can review this information and provide feedback on any discrepancies or errors they notice. The AIS is updated with the modified values after considering the taxpayer’s feedback.
The AIS is divided into several sections, including TDS (Tax Deducted at Source), SFT (Statement of Financial Transactions), and other information, like TCS (Tax Collected at Source), Advance Tax, and Self-Assessment Tax. Each section displays both the reported value and the modified value, which allows taxpayers to easily identify and correct any errors in their tax credit information.
SALIENT FEATURES OF AIS
Salient Features of AIS are:
- It includes new information – interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc.
- Summary of AIS information in the form of Taxpayer Information Summary (TIS) for ease of filing return (pre-filling will be enabled in a phased manner).
- Taxpayers will be able to submit online feedback on AIS’s information and download information in PDF, JSON, and CSV file formats.
- AIS Utility will enable taxpayers to view AIS and upload feedback in an offline manner.
OBJECTIVE OF AIS:
Password to open Annual Information Statement (AIS):
The password to open form AIS is the taxpayers PAN & DOB in AAAAA1234ADDMMYYYY format i.e PAN and birth date without any slash. For Example, if your date of PAN is ABCPD2896D and birth is 4th August 1962 then, the password will be abcpd2896d04081962.
What are the different types of information shown in AIS?
The information is displayed in two parts. Part A and Part B.
PART A- General Information
- TDS/TCS Information – Information related to TDS/TCS is displayed here. The Information code of the TDS/TCS, Information description and Information value is shown.
- SFT Information – Information received from reporting entities under Statement of Financial Transaction (SFT) is displayed. The SFT code, Information description and Information value is made available.
- Payment of Taxes – Information relating to taxes such as advance tax and self-assessment tax is shown.
- Demand and Refund -Details of the demand raised and refund initiated (AY and amount) during a financial year.
- Other Information: – Details of the information received from the other sources, such as data pertaining to Annexure II salary, Interest on refund, outward foreign remittance/purchase of foreign currency etc., is displayed here.
How to submit feedback in AIS?
The taxpayer can submit feedback online or offline mode. Through online mode, the feedback can be submitted only in the AIS section of the compliance portal. Let us see where to submit the feedback in the AIS section.
Go to the Annual Information Statement (AIS) tab (as discussed above). You can find various sections, such as TDS/TCS information, SFT information, payment of taxes, demand and refund and other information.
For example (refer to the below screenshot), if you go to the SFT information section and select the information where you want to submit the feedback, click on the information.
On expanding the information category, you can choose the button ‘Optional’ to submit the feedback.