Read this Article to know:-
- What to do if there is discrepancy in 26AS and AIS
- What to do if you have already filed ITR for FY 20-21 and forgot to consider some information which are reflecting in AIS.
- What is the meaning of word “Inactive” in AIS…..and many more.
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 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 display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational.
The new AIS includes additional information relating to
- 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
- 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.
Example 1:- Display of information reported under both TDS and SFT
Payment of dividend above Rs 5,000 is required to be reported under TDS Statement. Under SFT all dividend payment is required to be reported. In this case, Dividend payment of Rs 70,000 was reported by the Deductor (TAN based) under TDS and 74,000 was reported under SFT by the reporting entity.
Example 2:- Display of taxpayer feedback
Taxpayer has been provided a facility to provide feedback. If the taxpayer reduces the dividend amount to 73,000 under SFT, the derived value i.e. value derived after considering the taxpayer feedback will be shown both in Annual Information Statement (AIS) and Taxpayer Information Summary (TIS).
Example 3:- Display of updation in information
If information is updated by submission of correction statement, the original transaction is marked as inactive and a new transaction vale is added in the view. If the reporting entity submits a correction statement (SFT-17) showing dividend income as 73,000, the same is added as a new transaction.
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). 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.
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.
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.