Introduction
The Annual Information Statement (AIS) is a comprehensive tax passbook provided to taxpayers. It details prepaid taxes and prescribed financial transactions of the assessee for a given financial year.
Key Highlights
- Purpose:AIS is intended to enhance the scope of available financial information for taxpayers. This aids in pre-filled returns and better tax compliance.
- Contents:AIS includes details on:
o TDS and TCS
o Specified Financial Transactions (SFT)
o Payment of taxes
o Demands and refunds
o Pending and completed proceedings
o GST returns
o Foreign remittances reported in Form 15CC
o Information from Form 61/61A, Annexure-II of Form 24Q, and others
o Dividend, mutual fund purchases, and off-market transactions reported by registrars or agents
o Data from other taxpayers’ ITRs, such as HRA claims
o Interest on tax refunds
o Information shared under agreements per Sections 90 and 90A
- Access:AIS is uploaded in Form No. 26AS in the registered account of the assessee within 3 months from the end of the month in which the information is received.
- Compliance and Filing:The AIS is accessible via the taxpayer’s registered account and enables accurate tax computation through pre-filled details. If the taxpayer feels that the information furnished in AIS is incorrect, duplicate or relates to any other person, etc., he can also submit his feedback thereon.