Annual Information Statement - Meaning, How to Download & More!
Updated: Dec 16, 2023
Shall we dive right into the steps that demonstrate how to download AIS (Annual Information Statement)?
Table of Content
Please know that it encloses various updated details, including interest, dividends, securities transactions, mutual fund transactions, information on overseas remittances, and more.
Shall we dive right into the steps that demonstrate how to download AIS (Annual Information Statement)?
To simplify the process of filing tax returns, taxpayers can utilize the streamlined Taxpayer Information Summary (TIS). This provision allows taxpayers to conveniently upload their AIS data online and download it in PDF, JSON, and CSV formats.
The first step:
As part of the first step, please leverage the access to your Annual Information Statement (AIS) effortlessly by logging in securely to the official income tax e-filing portal. Simply click on the 'Services' tab and locate the dedicated section which got specifically designed for accessing your Annual Information Statement.
The second step:
Initiate the process by confidently clicking the 'Proceed' button, setting the wheels in motion for accessing your vital financial information.
The third step:
Experience a smooth transition as you get redirected to the compliance portal, where you can conveniently locate and explore the comprehensive Taxpayer Information Summary (TIS) and Annual Information Statement (AIS) displayed prominently on the AIS home page.
The fourth step:
Tailor your experience by selecting the relevant financial year, and obtain the desired financial insights. Simply click on the tiles representing either the Taxpayer Information Summary (TIS) or the Annual Information Statement (AIS).
The fifth step:
Embrace the convenience of digital prowess as you download the meticulously compiled AIS and TIS. Retrieve the Taxpayer Information Summary (TIS) in PDF format, while the Annual Information Statement (AIS) is at your disposal in both PDF and JSON formats, catering to your specific preferences and requirements.
Unfold the branches of the Annual Information Statement in correspondence with the Form 26AS:
The Annual Information Statement (AIS) serves as a comprehensive complement to Form 26AS, providing an expanded overview of an individual's financial activities. While Form 26AS presents significant details such as property acquisitions, high-value investments, and TDS/TCS transactions conducted throughout the financial year, the AIS goes beyond, incorporating additional essential information.
This encompasses interest earned from savings accounts, dividends received, rental income, transactions involving securities and immovable properties, foreign remittances, deposit interest, GST turnover, and more. Notably, the AIS offers taxpayers the opportunity to provide feedback on the reported transactions, ensuring transparency and accuracy.
Furthermore, the Taxpayer Information Summary (TIS) presents a comprehensive aggregation of transactions based on their respective information sources, providing a consolidated view of vital insights.
The Annual Information Statement (AIS) is thoughtfully organized into two distinct sections: Part A and Part B. Part A encompasses essential general details, including the taxpayer's PAN (Permanent Account Number), masked Aadhaar number, name, date of birth, and more.
On the other hand, Part B serves as a comprehensive repository of crucial information, encapsulating TDS (Tax Deducted at Source), TCS (Tax Collected at Source), specified financial transactions, tax payments, tax demands, refunds, and other relevant particulars.
The AIS primarily centres around the exhaustive coverage of information outlined in Form No. 26AS. This comprehensive report encompasses an individual's financial transactions throughout the financial year, providing a holistic view of their financial activities. Such transactions may encompass a diverse range of financial interactions and events.
Discover comprehensive details including the information code, value, and description related to tax deductions and collections.
Uncover insights from reporting entities, providing information on SFT codes, values, and descriptions.
Access important data on tax payments, including self-assessment tax and advance tax.
Stay informed about refunds initiated (AY and amount) and demands raised during the financial year.
Explore additional data points such as interest on refunds, foreign currency purchases, and Annexure-II salary.
With the meticulously curated AIS, you gain valuable insights into your financial transactions and obligations, empowering you to make informed decisions.
After having noted down how to download AIS, let us delve insightfully into the many benefits of an Annual Information Statement:
It is likely for most taxpayers to witness the annual struggles of filing Income Tax Returns (ITR). Fortunately, the Income Tax department has introduced AIS to simplify this process, making it more accessible and user-friendly. When it comes to assessing advance tax requirements and filing tax returns, AIS proves to be an invaluable ally.
Gone are the days of grappling with the complexities of reporting income and investment details. With AIS, these unnecessary hassles are alleviated, as it serves as a ready-made reminder for taxpayers. Now, collecting all the necessary information regarding income and taxation for filing your annual ITR becomes a less daunting task. AIS streamlines the entire process, allowing you to navigate through the requirements with greater ease.
Furthermore, AIS ensures that income details are accurately reported, regardless of whether or not taxes have been withheld. In the past, taxpayers often faced challenges in reporting interest income due to the absence of suitable options in Form 26AS.
However, AIS brings a welcome change, empowering taxpayers to comprehensively report all their income. With AIS, you gain visibility into all the earnings accumulated throughout the financial year, providing a comprehensive overview of your financial situation.
With the incorporation of AIS, the Income Tax department has truly simplified the process of filing ITR, making it more efficient and user-friendly for taxpayers. Embrace the advantages of AIS and experience a smoother journey towards fulfilling your tax obligations.
Highlighted below are the notable features and responsibilities associated with the Annual Information Statement (AIS), ensuring a streamlined and convenient process for taxpayers.
1) AIS encompasses detailed data concerning various financial aspects, including interest, dividends, mutual fund transactions, securities transactions, foreign remittance information, and more. It provides taxpayers with a comprehensive overview of their financial activities.
2) Within AIS, the Taxpayer Information Summary (TIS) acts as a concise summary of the available data. It simplifies the process of filing Income Tax Returns (ITR) by presenting a consolidated view of the relevant information.
3) To facilitate the ITR filing process, AIS allows taxpayers to download their information from the website in multiple formats, such as PDF, JSON, and CSV. This flexibility empowers taxpayers to organize and utilize the data according to their specific requirements
4) Online Feedback Provision: AIS offers a convenient online feedback mechanism, enabling taxpayers to provide their input and suggestions regarding the information presented. This provision ensures continuous improvement and enhances the overall user experience.
5) AIS Utility: To cater to the diverse needs of taxpayers, AIS Utility provides additional functionalities. Taxpayers can download their data through this utility and also provide offline feedback, ensuring a seamless and comprehensive experience.
6) By incorporating these salient features and responsibilities, AIS aims to simplify the ITR filing process and empower taxpayers with accessible and accurate information. Embrace the advantages of AIS and embark on a smoother journey towards fulfilling your tax obligations.
What to do if There is an Error in AIS or Form 26AS?
The Annual Information Statement (AIS) contains information currently available with the income tax department. Per the Income Tax Act, certain entities are mandated to report high-value transactions to the department. Data in AIS is displayed only after receiving information from these reporting entities. It's possible that data for a particular period may not be updated or received. Therefore, it's crucial for taxpayers to thoroughly review the information and report complete and accurate details in their income tax returns. In cases of discrepancies, taxpayers should utilize the feedback mechanism to rectify errors in AIS. This is paramount as the income tax department has identified mismatches in 68,000 cases between AIS and ITR, which can lead to penalties and interest.
What is AIS PDF Password: How to open AIS PDF?
The PDF file is password-protected during download for security. The password format required to access the Assessment Information Summary (AIS) is as follows: For individual taxpayers, provide the date of birth in the format DDMMYYYY, without spaces, after the PAN in lowercase. For non-individual taxpayers, the password consists of the date of formation or incorporation in the format DDMMYYYY and the PAN in lowercase.
Take, for example, a PAN AAAAA5678Z and a birthdate of March 15, 1985. The AIS password in this instance would be aaaaa5678z15031985. This security feature improves data protection and confidentiality while handling sensitive financial information by guaranteeing a customized and secure access mechanism in line with individual or non-specific taxpayer credentials.
How to check your Annual Information Statement (AIS)
Use these easy procedures to verify your Annual Information Statement (AIS):
Step 1: Go to www.incometax.gov.in to access the income tax e-filing site. Select the 'Annual Information Statement' tab under AIS Services after selecting 'Services'.
Step 2: To go to the compliance portal, click the "Proceed" option.
Step 3: Go to the AIS home page after being redirected. The Annual Information Statement (AIS) and the Taxpayer Information Summary (TIS) are both readily viewable here.
Step 4: Select the appropriate fiscal year and click on the appropriate tiles to see the Taxpayer Information Summary (TIS) or the Annual Information Statement (AIS).
Step 5: Download your TIS and AIS by selecting the corresponding tile's download icon. While the AIS may be downloaded in both PDF and JSON forms, the Taxpayer Information Summary is only accessible in PDF format. Important financial data is easier to access and retrieve thanks to this simplified procedure.
What are the different types of information shown in AIS?
Part A, or general information, and Part B are the two separate portions that make up the Annual Information Statement (AIS).
Part A:
General Information: This part gives a summary of the most important information, such as the taxpayer's name, date of birth, incorporation date, masked Aadhaar number, PAN, and contact data.
Part B:
Information on Tax Deducted at Source (TDS) and Tax Collected at Source (TCS): Comprehensive data is presented, including information codes, descriptions, and associated values.
SFT Information: Relevant values, SFT codes, and descriptions are included in the information provided, which was obtained from reporting organizations under the Statement of Financial Transaction (SFT).
Tax Payment: Information on tax payments is provided, including specifics about advance tax and self-assessment tax.
Demand and Refund: Details on requests made and refunds started throughout the fiscal year are given in this section, along with the Assessment Year (AY) and associated sums.
Additional Information: Information gleaned from many sources is expanded upon, including information on Annexure II's wage data, interest on refunds, out-of-country transfers, and foreign currency purchases, among other topics.
The AIS snapshot serves as an example of how different sorts of information are comprehensively represented. Interest collected on savings accounts, for instance, reveals account details, source codes, and total interest amounts. A thorough picture of the taxpayer's financial activity throughout the course of the year is provided by the information on securities sold, which includes sale/transfer dates, asset categories, volumes, and transaction counts in addition to the security class and name.
How to submit feedback in AIS? How to rectify errors in AIS?
In order to correct inaccuracies in the Annual Information Statement (AIS), taxpayers may provide comments online or offline. If you want to submit online, the AIS part of the compliance portal streamlines the procedure. Here's a detailed tutorial on fixing errors:
Navigate to the AIS tab to get TDS/TCS information, SFT information, tax payment, demand and refund information, and more areas.
For example, choose the precise details where feedback is required in the SFT information area. Select the information category that pertains to you.
Once the information category has been expanded, use the 'Optional' option to begin the feedback submission procedure.
Choose the kind of feedback that matches the required adjustment.
The updated value, shown in brackets, will be displayed and used as the adjusted amount.
In order to update the derived value in the Taxpayers Information Summary (TIS), this changed value is essential.
The value produced from the AIS feedback is then used to ensure correct financial data representation by prefilling the taxpayer's Income Tax Return (ITR) form. This online feedback method is easy to use and contributes to the general correctness of tax-related information by streamlining the repair procedure.
Which Form Should a Taxpayer Refer to at the Time of Filing an ITR?
In cases where there is a variation between TDS or TCS information and the tax details displayed in Form 26AS vs. AIS, taxpayers should rely on the information in Form 26AS when filing their returns. However, if you have already filed your return and subsequently discovered additional information in AIS, you can revise your return based on the data presented in AIS.
AIS Preparation Steps
The preparation of AIS involves several important steps:
PAN Population: If the provided information lacks a valid PAN, the PAN will be populated based on matching Aadhaar and other essential parameters.
Information Display: Information is typically displayed next to the PAN holder, and specific information types (e.g., property, bank account, Demat account) are intended to be presented to relevant PAN holders for evaluation and feedback.
Information Duplication: In cases where the same information is reported under different information types (e.g., interest/dividend reporting in SFT and TDS), the information with the lesser value is labeled as "Information is duplicate/included in other information" based on automated rules.
Preparation of Taxpayer Information Summary (TIS): After de-duplicating information following pre-defined rules, a summary of the taxpayer's aggregated information is created by category. This summary displays both the processed value (post-deduplication) and the derived value (considering taxpayer feedback and processed value) under each information category.
How to Submit Feedback in AIS?
Taxpayers have the opportunity to provide feedback on AIS data. This feedback can include:
Information is correct.
Receipt is not taxable.
Receipt is akin to reimbursement of expenses.
Receipt resembles a refundable security.
Feedback can be submitted in both online and offline modes. In online mode, feedback is entered through the AIS section, allowing for updates to the derived value in the Taxpayer Information Summary (TIS), which, in turn, prefills the taxpayer's ITR form.
Processing of AIS Feedback
Feedback from taxpayers is recorded in the Annual Information Statement (AIS), with the reported and modified values displayed separately. The taxpayer's input is used to update the derived value in the Taxpayer Information Summary (TIS). Information assigned to other PANs or years is processed and displayed in the taxpayer's AIS using automated rules. Any changes or rejections are assessed based on risk management guidelines, with high-risk feedback warranting further investigation.
Launch of AIS App by IT Department: How is it Convenient for Taxpayers?
The Income Tax Department has introduced the AIS mobile app called "AIS for Taxpayers" to provide convenient access to tax-related information on the Annual Information Statement. This free app can be downloaded from the Google Play Store and the Apple App Store. It offers insights into various financial transactions, including TDS, TCS, interest, dividends, share transactions, tax payments, income tax refunds, and foreign remittances. The app allows taxpayers to track financial transactions, calculate tax liability, and ensure compliance with tax regulations. Users can also provide feedback on the information displayed through the app, making it a handy tool for managing financial data anytime and anywhere.
Registration and MPIN Setup for the AIS Mobile App
To register and set up the MPIN for the AIS for Taxpayer App, follow these steps:
Download the AIS for Taxpayers App from your mobile device's app store.
Select "Get Started" on the Onboarding screen.
Enter your PAN number, Date of Birth, and your preferred login ID.
Confirm your agreement with the terms and conditions.
Provide your mobile number and email ID.
Enter the OTPs sent to your primary mobile number and email address, and click "Verify."
Set a 4-digit MPIN and confirm it.
Click "Submit" to complete the setup.
FAQs:
Q1. How does AIS address errors related to misreporting and technical issues in the income tax filing process?
ANS. The government has taken measures to address misreporting and technical problems in the AIS system, ensuring accurate information retrieval. To assist taxpayers in validating the details available with the department, the government has introduced a utility within AIS. This utility facilitates the filing of returns without difficulty and allows taxpayers to acknowledge any missed income during the calculation of total income, thereby enhancing the accuracy and completeness of their tax filings.
Q2. Could you put across a few common errors in the Annual Information Statement (AIS) that assessees may encounter?
ANS.
Property Sale with Multiple Owners: AIS displays overall property value, not individual shares.
Joint Accounts: AIS shows total interest without distinguishing individual holders.
Duplicate Entries: Inflated income due to duplicate entries in the AIS.
Reporting Previous Year's Details: AIS may include transactions from the previous year instead of the current year.
Housing Rent Allowance (HRA): Leased property in the prior year is reflected in the current year.
Inclusion of Unrelated Transactions: AIS may include transactions unrelated to the taxpayer.
Q3. What are the prescribed methods for reporting errors in the Annual Information Statement (AIS) to ensure accurate representation of financial information in tax filings?
ANS. To ensure the precision of financial information in tax filings, taxpayers can utilize the following prescribed methods for reporting errors in the Annual Information Statement (AIS):
Feedback Option: Within the IT portal, a dropdown menu is provided for each transaction, enabling taxpayers to furnish precise feedback. They can opt for the appropriate response, accepting or rejecting the information presented. The available options include affirming the accuracy, declaring the information as non-taxable, indicating partial validity, identifying duplication or inclusion in other details, or declining the information altogether.
AIS Utility: As an alternative approach, taxpayers have the option to download the AIS utility directly from the AIS portal. After making necessary revisions, they can diligently upload the rectified information to rectify any errors or discrepancies.
Q4. What are the step-by-step procedures involved in downloading the AIS utility and providing feedback in the Annual Information Statement (AIS) system?
ANS. To download and provide feedback in the AIS system, follow these steps:
Log in to your account and access the AIS section on the Income Tax Department website.
Download the AIS utility from the resource section.
Import the AIS data in JSON format.
Provide feedback within the utility and export the feedback file.
Upload the output file to complete the process.
For further assistance, refer to the resources on the AIS homepage or contact the helpline.
Q5. How does AIS differ from Form 26AS, and what additional insights does it provide regarding the taxpayer's financial transactions?
ANS. AIS differs from Form 26AS by providing a more comprehensive view of the taxpayer's financial transactions. While Form 26AS focuses on tax deductions, AIS includes a broader range of transactions, regardless of whether tax has been deducted or not.
It encompasses TDS, TCS, equity shares, mutual funds, dividends, interest income, and more. AIS does not impose a transaction limit, capturing both major and minor financial activities reported to the income tax department.
Compliance requirements ensure the submission of these transaction details, making AIS a comprehensive record of the taxpayer's financial landscape.
