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Decoding the Annual Information Statement(AIS)

Heard of the Annual Information Statement (AIS)? It may well replace Form 26AS in the coming future. So what is the Annual Information Statement (AIS)? And how is it going to impact taxpayers? Let’s find out.

What is the Annual Information Statement?

Up until now, Form 26AS served as a consolidated annual tax statement which included details of any TDS that might have been deducted and deposited on your behalf, Advance or Self Assessment Tax paid, as well as records of high-value transactions that you may have made.

The Annual Information Statement on the other hand includes many more categories of information like securities & mutual fund transactions, interests, dividends, foreign remittance information and more. The reported information has been processed to remove duplicate information.
It may contain any other transaction-related information that may be available with the Income Tax Department. Taxpayers will be able to download the AIS in JSON, PDF and CSV format.

Form 26AS will continue to be available on the TRACES portal until the AIS is validated and is completely operational.

What are some of the important features of the AIS?

  1. Taxpayers can submit online feedback on AIS. If the taxpayer feels that any incorrect information has crept in, they can submit that feedback online. Taxpayers can also submit the feedback offline via AIS utility.
  2.  A Simplified Taxpayer Information Summary (TIS) will also be provided to each taxpayer. This will show the a summary of a taxpayer’s incomes as per ITD. If the taxpayer changes any information on the AIS, the derived information in the TIS will get updated in real-time. With the help of TIS, taxpayers can :
    • Tally their security transactions with the broker statement.
    • Cross verify the dividends that they have received in the bank. account with what is mentioned in AIS.
    • Access information related to refund or demand for previous year’s ITR.

What does this mean for taxpayers? 

Taxpayers need to carefully check all the transactions reflected in the AIS and make necessary amends (if any) because this information will be vital for filing ITR.
In case of any mismatch in the TDS/TCS details displayed on Form 26AS and AIS – at present, it is recommended to follow Form 26AS available on TRACES.

How to view AIS?

Users can access the AIS by clicking the link “Annual Information Statement (AIS) under the “Services” tab of the new Income Tax Portal. 

Taxpayers need to check and verify the information shown in the AIS and make amends (if necessary) before filing ITR for the current tax season. However, if the ITR has already been filed and some information has not been included or has been wrongly included, the return may be revised to reflect the correct information. 

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Got Questions? Ask Away!

  1. Hi @riya_gupta

    There are several reasons as to why tax credit as seen in Form 26AS might not match with the amount actually deducted as shown in the salary slips. Some of the reasons could be as follows -

    1. Amount of tax deducted from salary is not correctly reported by the employer,
    2. TDS deduction is reported in the wrong section, or
    3. The amount deposited with the government as TDS is wrongly mentioned

    Other reasons for such an error maybe because of the wrong PAN being given to the deductor. A common mistake may include quoting the wrong Assessment Year or marking incorrect category of taxes paid while depositing advance tax or self-assessment tax can also lead to mismatch.

    In such cases, you need to contact your deductor immediately to rectify this mistake or contact your jurisdictional Assessing Officer (AO) whose details can be found on the TIN-NSDL portal. It would be better to contact the Assessing Officer (AO) itself as the power of making corrections in challans lies in their hands.

    You can go through this video of Advance Tax to in order to have a better understanding -

    https://www.youtube.com/watch?v=K5QQW1KTRr0

    Hope this helps you! In case of any query related to taxes, feel free to write to us or contact us at Quicko.

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