In one of the recent updates to the compliance portal of the Income-tax department, assesses can now access the Annual Information Statement (AIS). An AIS is a comprehensive statement of financial transactions made by a taxpayer in a financial year. The AIS is meant to make the return filing process easier for taxpayers. However, many taxpayers have doubts over the utility of the statement and are also confused as to how it is different from Form 26AS. So, to clarify all your doubts and queries, we will discuss the Annual Information Statement (AIS) in detail.
What is Annual Information Statement (AIS)?As stated above, AIS is a comprehensive statement of financial transactions made by a taxpayer in a financial year. Taxpayers can access the statement by logging in to the income tax website. AIS can be seen as an extension of Form 26AS, which not only contains details of taxes deducted but also contains other details such as interest, mutual fund, and securities transactions, dividends, foreign remittances, etc. The main objectives of AIS are to introduce transparency among taxpayers, promote the voluntary filing of income tax returns, enhance the return filing experience of taxpayers, and prevent non-compliance.
Content of AISThe Annual Information Statement (AIS) broadly consists of two parts-
- Part A: This part contains basic general details about the taxpayer, like
- The Name of the Assessee
- Date of Birth
- Aadhar Number's last four digits
- Mobile No.
- Email Id
- The Address of the Assessee
- Part B: This part contains details of financial transactions like
- TDS/TCS Information
- Payment of Taxes (Advance Tax, Self-Assessment Taxes, etc.)
- Salary, dividends, foreign remittances, and other special financial transactions
- Income Tax Demand and Refund Details
- Other financial information, as notified.