Annual Information Statement: What is AIS, Types & Differences

Annual Information Statement (AIS) is a tool introduced by the Income Tax Department on its Compliance Portal. AIS is basically a tool offered to taxpayers that provides an elaborate statement of your financial transactions for the entire year.The tool includes taxpayers' information such as income from dividends, securities transactions including mutual funds , remittances from foreign countries, income from fixed deposits / recurring deposits, income from savings, and more. To ease ITR filing, AIS also provides a simplified Taxpayer Information Summary (TIS), which shows the aggregated value for taxpayers.

The process to check AIS

• Login to the online tax filing website www.incometax.gov.in. Go to Services >Annual Information Statement
• Click on the 'Proceed' Button
• You will be redirected to the Compliance Portal. Here you can view Taxpayer Information Summary (TIS)and Annual Information Statement on the home page
• Select the relevant Financial Year to view the TIS or AIS
• You can also download the AIS and TIS by clicking on the download icon in the respective tiles. You can download the TIS in PDF format. AIS can be downloaded in PDF or JSON formats

In AIS, you can access information in two parts: Part A : A taxpayer can access general information such as masked Aadhar Number, Name, Date, Contact Details, PAN Card , etc. Part B : A taxpayer can access the following data:

• Payment of Taxes: This will display the information related to the self-assessment of tax and advance tax.
• TDS/ TCS : You will get to know the code of TDS/ TCS, Information Value and Information Description.
• SFT: The SFT section displays the information received from reporting entities.
• Demand and Refund: You will get to know the details of your demand raised and raised during a financial year
• Others: In this section, you can get information about your outward foreign remittances, Interest on refund, data pertaining to Annexure-II Salary, etc.

Annual Information Statement (AIS) offers a much more detailed view of your transactions. On the other hand, Form 26AS primarily displays the details of the high-value investments, property purchases and TDS/TCS transactions carried out during a financial year.AIS covers the information related to foreign remittances, purchase and selling of securities; savings account Interest, TDS/TCS, SFT, demand or refund and others. However, if you want to verify GST turnover based on the details furnished in Form GSTR-3B, this can be accessed in Form 26AS.

AIS displays the information that is presently available through the IT department. As a taxpayer, if you feel that the information available in the AIS tool is incorrect, you can use the online feedback facility and submit the details to rectify the information. The taxpayer may also follow a feedback mechanism to report errors in AIS.The IT Department also offers AIS Utility for taxpayers to view and upload feedback in offline mode. AIS shows reported and modified values separately. In case the information is modified or denied, the information source will be contacted for confirmation.Ready to make the most of your money? Start your tax planning journey now!

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.