Big Change for Income Tax Return Filing I Annual Information Statement I New 26AS I CA Satbir Singh

Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. In this Video you will learn

0:00 AIS Annual Information Statment on Income tax Portal

0:17 Roll out of new Annual Information Statement on income tax Portal

0:44 What is included in new AIS (Annual information Statement

1:10 How to check Annual Information Statement (AIS) on Income tax Portal

1:42 How to check and Download AIS Annual information Statment and TIS Taxpayer Information summary (TIS)

2:57 What are entries in TIS (Taxpayer Information summary)

4:11 What are processed value and derived values in TIS (Taxpayer Information summary)

4:50 How to view online Annual Information Statment on compliance portal

5:49 How to provide feedback and modifcations in Annual Information Statment on compliance portal of Income tax

7:08 Should you rely completely on AIS ?

7:30 You may be required to revise ITR (Income Tax Return ) after introduction of AIS.

8:06 if there is difference in 26AS and AIS information which one is final ?

8:27 What is meaning of Inactive status in AIS (Annual information statement)

8:59 Why you are not able to view AIS online on income tax compliance portal.

9:15 How are modified values reflected in Annual information statement.

9:29 What is activity histroty in AIS.

9:48 How to do bulk feedback in AIS on compliance portal

10:06 How to download AIS utility for feedback of AIS.

10:28 Main points of Annual information Statement for filing of Income Tax Return

Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback.

The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational.

The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in)

The new AIS includes additional information relating to

• interest,
• dividend,
• securities transactions,
• mutual fund transactions,
• foreign remittance information etc.

The reported information has been processed to remove duplicate information.

Taxpayer will be able to download AIS information in PDF, JSON, CSV formats.

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.

 Feedback can also be furnished by submitting multiple information in bulk.

An AIS Utility has also been provided for taxpayers to view AIS and upload feedback in offline manner.

The reported value and value after feedback will be shown separately in the AIS.

In case the information is modified/denied, the information source may be contacted for confirmation.

A simplified Taxpayer Information Summary (TIS) has also been generated for each taxpayer which shows aggregated value for the taxpayer for ease of filing return.

TIS shows the processed value (i.e.the value generated after deduplication of information based on pre-defined rules) and derived value (i.e. the value derived after considering the taxpayer feedback and processed value).

If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real time.

The derived information in TIS will be used for pre-filling of Return (pre-filling will be enabled in a phased manner).

Check all Related information

Taxpayers should remember that Annual Information Statement (AIS) includes information presently available with the Income Tax Department.

There may be other transactions relating to the taxpayer which are not presently displayed in Annual Information Statement (AIS).

Taxpayers should check all related information and report complete and accurate information in the Income Tax Return.

Revise ITR

The taxpayers are requested to view the information shown in Annual Information Statement (AIS) and provide feedback if the information needs modification.

The value shown in Taxpayer Information Summary (TIS) may be considered while filing the ITR.

In case the ITR has already been filed and some information has not been included in the ITR, the return may be revised to reflect the correct information.

26AS is Final

In case there is a variation between the TDS/TCS information or the details of tax paid as displayed in Form26AS on TRACES portal and the TDS/TCS information or the information relating to tax payment as displayed in AIS on Compliance Portal, the taxpayer may rely on the information displayed on TRACES portal for the purpose of filing of ITR and for other tax compliance purposes.

Taxpayers may refer to the AIS documents (AIS Handbook, Presentation, User Guide and FAQs) provided in “Resources” section or connect with the helpdesk for any queries through “Help”section on the AIS Homepage.

What is inactive Information?

The information is marked as Inactive if an information source/Reporting Entity corrects/deletes an information reported earlier by it.

 I am not able to view information in specific source wise information in AIS, what can be the issue?

In the case where the information record under specific source wise information of AIS, exceeds a defined size (currently 1500 records), the same might not be completely visible on portal.

For viewing the AIS (with all information details), please download the PDF/ JSON file of AIS from the download option available on AIS tile.