Annual Information Statement (AIS)
is an extension of the earlier form
26AS. Annual Information Statement (AIS) is
nothing but a statement of financial transactions, furnished to it by various
entities in respect of a taxpayer, collated by the tax department based on the
PAN. These entities includes banks, NBFCs, post office, registration offices,
regional transportation office, authorized dealers dealing foreign exchange,
stock exchanges, mutual funds, companies issuing shares and debentures, RBI and
all the taxpayers who are liable to deduct and collect tax at source.
The objective of the AIS is
ü display complete information to the taxpayer and
promote voluntary compliance
ü to promote transparency
ü to simplify the tax return filing process,
ü deter non-compliance
CBDT vide Notification
dated May 28, 2020 has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961
r.w.r.114-I of Income Tax Rules, 1962 w.e.f. 01.06.2020.
It provides complete information about a taxpayer for a particular financial
year. It contains information about
taxpayers’ incomes, financial transactions, tax details, income-tax
proceedings, etc. The earlier Form 26AS contained only information about TDS,
TCS and taxes paid by the taxpayer.
The
information available in AIS is displayed in Part A and Part B.
Part A
contains the general information about a taxpayer
· PAN,
· Aadhaar,
·
Name,
·
Date of Birth,
·
Mobile Number,
·
E-mail Id, and
·
Address
Part B contains the comprehensive information of all financial transactions of the taxpayer provided by the entities, for the selected financial year based on his or her PAN details. The information in Part B is divided into the following categories:
- TDS/TCS Information: It is similar to the information displayed in Form 26AS
- SFT Information: This section includes information received from banks and NBFCs with regard to Special Financial Transaction (SFT) undertaken by the taxpayer during the year like purchase or sale of immovable property.
- Payment of Taxes: It shows taxes paid by the tax payer along with the type of payment (advance tax, self-assessment tax, interest, etc. and details of challan-challan no., date, etc.
- Demand and Refund: It displays the outstanding demand of tax by department along with quantum and current status.
- Pending Proceedings
- Completed Proceedings
- Other Information in relation to sub-rule (2) of rule 114-I
The new Annual Information Statement (AIS) will include the information of the following key categories:
1. Salary
2. Rent received and paid
3.
Dividend
4. Interest from
bank accounts or other deposits, bonds or government securities, infrastructure
debt funds, etc.
5.
Interest from income tax refund
6.
Rent on plant
& machinery
7.
Winnings from lottery
or crossword puzzle, Horse Race
8.
Receipt of
accumulated balance of PF from employer
9.
Income and
long-term capital gain from units by an offshore fund, shares, bonds,
etc.
10.
Income of foreign
institutional investors from securities
11.
Insurance
commission
12.
Receipts from
life insurance policy
13.
Withdrawal of
deposits under national savings scheme
14.
Receipt of
commission etc. on sale of lottery tickets
15.
Income in respect
of units of non-resident
16.
Payment to
non-resident sports person or sports association
17.
Income from
investment in securitization trust
18.
Purchase and sale
of land or building, immovable property, or vehicle
19.
Purchase and sale
of securities and units of mutual fund
20.
Purchase of time
deposits
21.
Off market debit
and credit transactions
22.
Business receipts
and expenses
23.
Any other
Miscellaneous payment
24.
Cash deposits,
withdrawals, and payments
25.
Outward foreign
remittance/purchase of foreign currency
26.
Receipt of
foreign remittance
27.
Foreign travel
28.
Debit/Credit
card
29.
Income
distributed by Business trust, or Investment Fund
All transactions in these categories would be reported by the respective
authorities, despite the value of the transaction.
The above list is just indicative. It is your overall financial profile
and will be fine-tuned to include more categories.
Other features of new AIS are:
- Use of Data Analytics to populate PAN in
non-PAN data for inclusion in AIS eg. In case no PAN /valid PAN is available
for the transaction, PAN will be populated based on Aadhaar or other key
attributes
- Deduplication
of information and generation of a simplified Taxpayer Information Summary (TIS) for ease of filing return
- In case of any
discrepancy in the information furnished in AIS, the taxpayer will be able to
submit online feedback on the
information displayed in AIS and also download information in PDF, JSON, CSV
formats.
- AIS Utility
will enable taxpayer to view AIS and upload feedback in offline manner.
- AIS Mobile Application will enable taxpayer to view AIS and upload feedback
on mobile.
If the taxpayer feels that the information is incorrect, relates to other person/year, duplicate etc., a facility has been provided to submit online feedback.
Any transaction reported in AIS which the taxpayer has not executed must be reported online and modified.
However, if you have already
filed your income tax return and have found additional info in AIS, you can
revise it based on the information displayed in AIS.
The followings are the steps to access the AIS information online:
Step 1: Log in to the
Income-tax e-filing website at https://www.incometax.gov.in/
Step 2: After login,
click on Services > Annual Information Statement (AIS)
Step 3: A message
shall appear that will prompt you to click on ‘proceed’ to redirect to AIS
homepage.
Step 4: You will have to select either of the two options:
Taxpayer Information Summary (TIS) or Annual Information Statement (AIS). On
the web page tab that opens, select 'AIS'
It will also show the financial year for which AIS is being downloaded, your
PAN and name.
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