The Income Tax Department rolled out the new Annual Information Statement (AIS) on 1st November 2021. It is a detailed statement encompassing details of the financial transactions undertaken by the taxpayer during the Financial Year. The AIS is introduced with the aim to provide a comprehensive report to the taxpayer on financial transactions as well as promote voluntary compliance. It assists taxpayers with the seamless and accurate filing of income tax returns, reducing the omissions and missing out on crucial information.
Information in AIS
It displays the general information of the taxpayer viz. PAN, name, masked aadhaar number, date of birth/formation/incorporation, and contact details of the taxpayer.
It reflects the information regarding the financial transactions of the taxpayer. This includes:
• Part B4 – Demand and Refund: It reflects the details of the demand raised and refunds initiated during a financial year disclosing the assessment year, mode, nature, amount, and date of payment.
• Part B7 – Other information: This includes the other information in relation to Rule 114-I(2) reflecting the information code, description, source, and amount.
Taxpayer Information Summary (TIS) includes category-wise summarized information of the taxpayer. It also contains two parts:
It is the same as the Annual Information Statement
It reflects the information description, source, amount, reported value, processed value, and derived value for the information reported by various sources.
This can include information regarding:
To access your annual information statement and taxpayer information summary, follow the below-mentioned steps:
If the information as reflected in your AIS turns out to be incorrect, then the income tax portal provides a facility to give online feedback for the same.
Below are the steps through which you can give feedback for the incorrect information in AIS:
Step 1: Log in to the income tax portal
Step 2: Go to the ‘Services’ tab and select ‘Annual Information Statement (AIS)’
Step 3: Click on the AIS. From the AIS and TIS reflected in your portal, open AIS.
Step 4: Click on the information which is not correct. The information tab will expand. Click on the ‘Optional’ button beneath the Feedback column.
Step 5: You will be asked to choose the feedback type. Normally, 7 options will be available to you i.e.,
a) Information is correct
b) Transfer not in the nature of the sale
c) Income is not taxable
d) Information is not fully correct
e) Information relates to other PAN/Year
f) Information is duplicate/included in other information
g) Information is denied
Choose the option applicable to you. You might be asked to furnish some additional information based on the option selected.
Step-6: Submit the feedback. Based on the feedback, Income Tax Department will correct the relevant information in the AIS.
Annual information statements and taxpayer information summary have increased transparency and provided all the necessary information regarding the financial transactions that the assessee carries out during the Financial Year. This helps in reducing errors and omissions while filing tax returns and ensures adequate disclosure of information to the tax department.
In case of any assistance, feel free to contact the ASC Group.
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