The Income tax department has gifted taxpayers with the Annual Information Statement (AIS) and ‘Taxpayer Information Summary (TIS)’. From initial assessments of these new statements, it seems AIS and TIS will bring better understanding and simplicity to the process of paying taxes. We believe it is a step towards emphasizing knowledge over ignorance while submitting income tax returns.

Objectives behind the Annual Information Statement

1. Displaying complete information to the taxpayer with a facility to capture online feedback
2. Promote voluntary compliance and enable seamless prefilling of return
3. Deter non-compliance

Key Highlights of Annual Information Statement

1. The Income Tax Department has rolled out the new AIS on its Compliance Portal, which provides a comprehensive view of all the necessary information a taxpayer needs. There is also a facility provided to the taxpayers to submit feedback.
2. The new Annual Information Statement can be accessed on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (available upon login).
3. The new AIS has a feature to capture taxpayers’ feedback online, besides additional information on interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc.
4. Apart from the detailed AIS, the portal will also show you a tax information summary (TIS), which has details on the aggregate value to be used during tax filing.
5. The value shown in the TIS may be considered while filing ITR. In case the ITR has already been filed with some missing information, the return may be revised to reflect the correct information.
6. If the taxpayer feels that the information is incorrect, or relates to another person/year, or is duplicate, etc., they can use the new AIS portal facility of submitting online feedback. If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real-time. The updated TIS information will then be used for pre-filling Returns.
7. Form 26AS on the TRACES portal will also continue in parallel till the new AIS is validated and completely operational.

If you need any further assistance with the AIS / filing your ITR, get in touch.