TAG Tax

1. What is Annual Information Statement (AIS)?

The Annual Information Statement (AIS) provides a comprehensive view of a taxpayer’s financial information, as reflected earlier in Form 26AS. It displays details reported by various entities and allows taxpayers to submit feedback on the data. AIS presents both:

• Reported Value – The original value reported by third-party entities (e.g., banks, employers).
• Modified Value – The revised value after considering the taxpayer’s feedback.

These are displayed under various sections, including TDS, Statement of Financial Transactions (SFT), and Other Information.

2. Salient features of AIS

• Captures a wider range of financial information, including interest income, dividend receipts, transactions in securities and mutual funds, and foreign remittances.
• Provides a Taxpayer Information Summary (TIS) — a concise overview of AIS data — to facilitate accurate and simplified income tax return (ITR) filing through pre-filled fields.
• Allows taxpayers to submit feedback on the information reported in AIS through an online portal and download the data in PDF, JSON, or CSV formats.
• Offers an AIS Utility that enables taxpayers to access AIS data and upload feedback offline, improving flexibility in data review and submission.

3. Structure of AIS

The AIS is structured into two main parts:

Part A – General Information:

This section includes basic taxpayer details such as PAN, masked Aadhaar number, name, date of birth/incorporation, contact details (mobile number, email), and address.

Part B – Transactional Information:

This section captures various financial transactions and tax-related details:

• TDS/TCS Information: Shows tax deducted or collected at source, along with the relevant codes, descriptions, and amounts.
• SFT Information: Displays high-value financial transactions reported under the Statement of Financial Transactions (SFT), with corresponding codes and values.
• Tax Payments: Includes details of Advance Tax and Self-Assessment Tax paid by the taxpayer.
• Demand and Refund: Shows details of any demand raised or refunds issued during the year (demand details to be released soon).
• Other Information: Covers additional data such as salary (Annexure II), interest on refund, foreign remittances, and purchase of foreign currency.

4. AIS mobile app and access options

To make AIS more accessible, the Income Tax Department launched the "AIS for Taxpayer" mobile app on March 22, 2023. This app allows taxpayers to easily view their financial information, submit feedback, and track their tax-related data on the go.

Key Features of the AIS App:

• Available for free on the Google Play Store and iOS App Store.
• Taxpayers can view AIS and Taxpayer Information Summary (TIS) anytime.
• Enables submission of real-time feedback on reported data.
• Displays both reported and modified values for each financial detail.
• Particularly useful as Form 26AS now only displays TDS/TCS, while AIS includes other details such as advance tax, self-assessment tax, interest, refunds, foreign remittances, and capital market transactions.

Steps to Register on the AIS App:

1. Download the app from your Android/IOS mobile app store.
2. Click on ‘Get Started’ and enter PAN and Date of Birth.
3. Authenticate your identity using OTP sent to your registered email and mobile number.
4. Set a 4-digit Mobile PIN (MPIN) for secure future logins.

How to Use the AIS App:

• After logging in with MPIN, select the relevant financial year.
• Tap on the AIS tile to view both AIS and TIS.
• You can also download the data and submit feedback as required.

Web Portal Access:
AIS can also be accessed via the Income Tax e-Filing portal:

1. Log in at https://www.incometax.gov.in.
2. Navigate to ‘Annual Information Statement (AIS)’ under the ‘Services’ tab.
3. Select the financial year and view/download AIS or TIS.

Disclaimer: The information contained in this document is intended for informational purposes only and does not constitute legal opinion, advice or recommendation.