Your Comprehensive Guide to the Annual Information Statement

Annual Information Statement (AIS)

What Is an Annual Information Statement?

An Annual Information Statement (AIS) is a type of document that provides an overview of the taxpayer’s trades or investments made in the capital market and the financial or tax-related information for a specific financial year. This form serves as a summary of key financial details and performance metrics when filing an Income Tax Return.

Here are some objectives of the AIS.

• It provides taxpayers with thorough and clear information.

• By enabling the pre-filling of tax returns, the AIS seeks to encourage voluntary compliance.

• Discourage non-compliance with tax regulations.

• Recognizing that errors may occur, the AIS accepts taxpayer feedback to rectify any inaccuracies or discrepancies in the displayed information.

What Are The Features of The Annual Information Statement

• The AIS covers all the details about your finances, like money from interest, dividends, buying and selling stocks, dealing with mutual funds, and even international money transfers.

• This form brings everything together. It generates a summary called the Taxpayer Information Summary (TIS), making it easier for individuals to file their IT returns without unnecessary complications. (All the information will be automatically pre-filled in the return)

• If the taxpayer has concerns regarding the provided data, they can give feedback online.

• The data can be downloaded in various formats, including PDF, JSON, and CSV, as per user preferences.

• There is a  dedicated AIS mobile app that allows users to check the statement and provide feedback, all from the convenience of their phone.

What Are The Different Types of Information Shown In AIS?

The information shown in AIS is divided into two parts.

• Part A

• Part B

  
  

Below is a detailed explanation.

• Part A

This section contains general information, including

• PAN

• Masked Aadhar Number

• Taxpayer Name

• Contact Details

• Date of Birth/Incorporation/Formation

• Address

• Part B

This section includes the below information. 

• TDS/TCS

All the information related to tax deducted/collected at the source is shown here, including

• TDS/TCS Information code

• Category

• Information source

• Description

• Information value

• SFT Information

Under the Statement of Financial Transaction (SFT), information received from reporting entities, including

• SFT code,

• Information Description

• Information value

• Tax Payments

Advance and self-assessment tax details.

• Demand & Refund

This section shows the details of raised demand and refunds initiated during a financial year.

• Other Information

Information from all the other sources is displayed here, including

1. Annexure-II salary

2. Interest on refund

3. Outward foreign remittances

4. Foreign currency purchase, etc.

Need expert assistance in understanding the AIS statement? Karr Tax experts are here to help! 

How To Check Annual Information Status (AIS)?: Step-by-Step Guide

Step 1. Log in to the official website of the Income Tax Department by using your PAN and password.

Step 2. Click on “Annual Information Statement”.

Step 3.  Click on “Proceed.”

Step 4.  Then, you will see the compliance portal with two sections on the homepage named “Taxpayer Information Summary (TIS)” and “Annual Information Statement (AIS).”

Step 5. Select the financial year, and you can view both sections one by one by clicking the titles. 

Step 6. You can also download the information. TIS in PDF format and AIS in both PDF and JSON formats.

But do you know these files are password protected? Read on to find out how to open these. 

How To Open The Downloaded AIS PDF?

The downloaded AIS PDF file is password-protected and can be opened by following the steps below.

• Open the AIS PDF File.

• When asked for a password, enter your Permanent Account Number (PAN) in lowercase letters along with the date of birth or the date of incorporation/formation without any spaces.

• For instance, if your PAN number is ZZZZZ1111H and DOB is 15 Jan 1992, then the password will be “zzzzz1111h15011992”.

Is AIS & Form26AS The Same?

The Annual Information Statement (AIS) and Form 26AS serve different purposes.

Form 26AS primarily displays details of the tax deducted at source (TDS) and tax collected at source (TCS) transactions of a particular fiscal year.

On the other hand, AIS provides a comprehensive summary of the financial information, including details of

• Interest income,

• Dividends,

• Securities transactions,

• Mutual fund activities,

• International remittance data,

• Immovable properties, etc.

Frequently Asked Questions (FAQs)

1.    What is an AIS statement?

The Annual Information Statement (AIS) provides a comprehensive overview of a taxpayer's information, including the disclosure of interest earnings, dividends received, and particulars related to stock market transactions and mutual funds.

2.    What can I do if I find errors in my AIS and TIS forms?

If you identify errors and discrepancies in the AIS and TIS forms, then you can report them to the income tax authorities by following the below steps.

Step 1. Find the "Feedback" column and click on the "Optional" button. Then, you will be shown a "Add Feedback" screen.

Step 2. Choose the feedback option that best describes your concern and provide the necessary information based on the selected option.

Step 3. After providing the essential details, click the "Submit" button to submit your feedback.

Important: For more detailed instructions and information, please refer to the Annual Information Statement User Guide available in the Compliance Portal's Resources section on the AIS Homepage.

What will the result be after submitting feedback? 

The system will promptly integrate your feedback alongside the reported value. Both the feedback and the adjusted information will be displayed.

Following your feedback submission, you will have the option to download an Acknowledgement Receipt. Also, the confirmation messages will be sent to you via email and SMS. The Acknowledgement Receipt tab will be modified to reflect the receipt of your feedback.

3.    Can I download the AIS and TIS statements?

Yes! Absolutely, you can download the AIS statement in PDF and JSON format white TIS in PDF format. But these files are password-protected and can only be opened by your PAN and DOB. Enter these in lowercase letters without any spaces. Let's say the PAN is AAAAA1234A and the DOB is 15 August 1998; then the password will be “aaaaa1234a15081998.”

4.    What Is the difference between AIS and TIS?

AIS statement displays details of the taxpayer’s financial transactions from various sources for a particular fiscal year. On the contrary, TIS statement summarizes the tax-related information category-wise.

5.    Is AIS compulsory for filing ITR?

Details related to TDS and TCS, as well as other tax payments like self-assessment tax and advance tax, are showcased in the Annual Information Statement (AIS). That’s why this form is required when filing an ITR.