Annual Information Statement (AIS): Features, Functions & Benefits for taxpayers

New Delhi: Annual Information Statement (AIS), new feature rolled out by the Income Tax Department, is a handy tool to provide details of all financial transactions of a taxpayer in a comprehensive manner.

It is seen as an addition to the existing Form 26AS, collating many lots many data of the taxpayer and presenting a detailed profile of the taxpayer. Unlike 26AS which covers details of TDS/TCS, tax payment data & refund, the AIS has a much bigger ambit on the taxpayer’s profile. The new AIS facility keeps track of taxpayer’s interest income from Savings Account, Fixed & recurring deposits, income from Mutual Funds & securities transactions and also monitors remittances from abroad.

Owing to its vast scope of vigilance over taxpayers’ transactions, it is widely seen as a bold move to crackdown on black money and tax evaders.

Features and Objectives of new AIS scheme

Annual Information Statement (AIS) is not just a step beyond Form 26AS for the taxpayers but also an effective tool for the government to monitor all the gaping holes and loopholes in ITR filing of a taxpayer.

For Taxpayers too, this provides a window where they can review their ITR and give feedback on the given information in AIS. Taxpayers will have the option to give online feedback on the information displayed in AIS. AIS Utility allows taxpayers to view AIS and submit feedback in offline mode. AIS Mobile Application allows taxpayers to view AIS and upload feedback via mobile.

The main objective behind the newly launched AIS is that

– It displays complete information of taxpayers, also has the option to capture online feedback

– It promotes voluntary compliance & deters non-compliance

How to access through Portal?

Step 1: Go to Income Tax e-filing Website by typing URL – https://www.incometax.gov.in/.

For new users, press “Register” on the e-filing portal and select user type. Once you select the user, all the fields have to be filled up. After registration, you can login to the e-filing portal.

Step 2: Click on “Annual Information Statement (AIS)” under the “Services” tab.

Step 3: Go to AIS Homepage, then you can view the Taxpayer Information summary (TIS) and Annual Information Statement (AIS)

How taxpayers can use AIS for their own reference

AIS displays variety of information under different sub-heads, which are as follows:

PART A

Part-A shows general information including your PAN, Aadhar Number, your name, DOB, mobile number, e-mail address & address

PART- B

Part-B has variety of information as given under various heads-

• TDS/TCS – Information related to Tax deducted/collected at source

• SFT – Information related to Statement of Financial transaction (SFT) is displayed

• Payment of Taxes – This has details of your taxes paid under various heads like Advance Tax and Self-Assessment Tax

• Demand and Refund – Tax deducted at source and your refund details are mentioned here

• Miscellaneous – Information about other sources like Interest on refund, outward Foreign Remittance/Purchase of Foreign Currency etc