Annual Information Statement

 

जगद्विपरिवर्तते (Jagat viparivartate) - the world is in constant revolution. In nutshell; Change is the only constant thing.

When Form 26AS was first launched by the Income Tax Department, it’s been used as a ready reference for filing of Income Tax Returns and verification of tax credits. Form 26AS is a consolidated annual tax statement that includes information on tax deducted/collected at source, advance tax, and self-assessment that is available on the Income-Tax website against a taxpayer’s PAN.

From FY 2020-21, The Income tax department taken one step ahead and brought out new Annual Information Statement (AIS) which includes additional information such as those related to interest, dividend, securities transactions, real estate transactions, mutual fund transactions and remittances from abroad along with detail information on many other transactions that are present available with the Income Tax department.

AIS introduced by Income Tax Department is a comprehensive statement containing details of all the financial transactions undertaken by person in a financial year, i.e., it contains the information that are specified under the Income-tax Act, 1961. So in summarised way taxpayer can get details of income earned from various sources such as salary, bonus, interest from savings account, recurring deposits, sale and purchase of equity shares, bonds, mutual funds etc. The statement also contains information related to TDS, TCS and any tax demand or refund.

 

Types of information shown in AIS:

AIS Divided in two parts:

 Objectives of AIS –

1.     Presenting complete information to the taxpayer with a facility to capture      virtual response

2.     Promote voluntary compliance and enable smooth prefilling of return

3.     Deter non-compliance

 

 Feature of Annual Information Statement:

1.     Addition of New Information: AIS is an addition of Form 26AS and includes details      upon interest, securities transaction, dividend, real estate transactions, mutual fund      transactions etc.

Elimination of Information: The AIS removes duplicated information for generation of a simplified Tax Information Summary (TIS) for ease of filing of return

Data Analytics: AIS uses data analytics to populate PAN in non-PAN data for inclusion in AIS.

Feedback: Taxpayer will be able to submit virtual feedback on the information displayed in AIS and also download information in PDF, CSV file formats. Annual Information Statement Utility will enable taxpayer to view AIS and upload feedback in offline mode. AIS Mobile Application is also available that will enable taxpayer to view AIS and submit feedback on mobile.

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