What Is AIS?

Before discussing AIS, we should understand Form 26AS, a consolidated statement of TDS Deducted or Collection at source, self-assessment taxes, advance taxes, etc. which can be downloaded by every person after login of income tax portal. Form 26AS is the most important form because a perfect return could not be filled without reconciliation with this form.

Now, the Annual Information Statement is the substitute of Form 26AS which is launched by the Central Board of Direct Taxes (CBDT) on the 26th day of October 2021 under section 285BB of the Income Tax Act,1961 for detailed information in comparison to Form 26AS for reporting purposes. Annual Information Statement will provide in-depth information in addition to TDS/TCS like Dividend Details, Securities Transactions, Mutual Fund Transaction, any remittances from abroad, and other related financial transactions, which were out of scope Form 26AS.

Consequently, filing of Income Tax Return would more-easier with the entry of Annual Information Statement (AIS). It will be available at the income tax portal after logging in.

What about the Form 26AS, is it discontinued?
After the coming annual information statement, it will be discontinued due to its replacement. However, Form 26AS will continue until AIS is completely operational.

Any Burden/ workload for Taxpayers?
No extra workload for taxpayers, and no need to worry about it. It is just like Form 26AS with detailed information. Taxpayers just have to check out all the details carefully and reconcile them with the details they have. In case of false information shown in AIS, taxpayers can submit feedback to the department.

How to Update Feedback in AIS?
All the people registered under income tax can see the new AIS information and can submit their responses in the format hereinbelow:
•   Information is True
•   Information is not True
•   Shown Information is related to other PAN/YEAR
•   Information denied
•   Customized Feedback (when above four points are not applicable)

How AIS Feedback will Process with updated Feedback given by taxpayers?

The updated feedback by the taxpayer will be shown in the Annual Information Statement (AIS) with reported value and post modified value on a separate basis.
In case of Information related to other PAN/YEAR in AIS will be transferred to the concerned PAN/YEAR after verifying.