Annual Information System

 

The Annual Information Statement (AIS) is a comprehensive overview of the information required by the taxpayer.

The information is displayed on the Form 26AS. Taxpayers are able to provide feedback on the information presented in the AIS. AIS displays

both the reported value and the modified value (i.e. value after considering taxpayer feedback) under each

section (i.e.TDS section, SFT, TDS details).

Objectives of Annual Information System

Make voluntary compliance easier and the return filling process simple

Make sure taxpayers have exact information, with the option to write online reviews.

Discourage non-compliance

Process to Access Annual Information System

Login to URL https://www.incometax.gov.in/

After successful login Following a successful login, choose "Annual Information Statement (AIS)" from the "Services" option on the electronic filing page.

On the homepage click the AIS tab.

For access to the Annual Information System, choose the appropriate FY, then hit the AIS tile.

Component of AIS:

Part A: General Information

Part B: Other Information

Part A- General Information

The basic details about you are listed in Part-A. It includes your personal identification number, Aadhar masked number name day of birth, date of incorporation or creation, mobile number, email address.

Part B- Other Information

TDS/TCS Info: -This page provides information about tax paid and collected from the point of collection. The table below shows the information code for TDS/TCS, information description, as well as the information value

SFT details information from reporting entities as part of the Statement of Financial Transaction (SFT) is displayed under this section. There is a way to obtain an SFT code, the description of information and the Information value.

Taxpayer The information shown pertains to tax payments under a variety of headings, such as Taxes owed in advance, Tax as well as Self-Assessment Tax.

Refund and Demand You can see the specifics of the requests that were made and the refunds that were initiated during the time of the budget year (AY and the amount).

Additional Information The data taken from GST turnover that is reported under GSTR-3B. GST purchases made under GSTR-1 by the seller is provided here.

The difference between Form 26AS and AIS

The extended version to the form 26AS can be described as AIS. Information about real estate purchases investment of high value, as well as TDS/TCS transactions completed in the course of the fiscal year are outlined within Form 26AS. Furthermore, AIS contains income from savings accounts and dividends, as well as rent paid purchase and sales of real estate and stocks international transfers and deposits that earn interest and GST turnover, among others.

The taxpayer has the opportunity to make comments on the transactions that are reported via AIS and AIS. Additionally, TIS additionally reports the total transactions at the information source level.

If the taxpayer must verify the GST amount based on information in the GSTR-3B form, only Form 26AS is required.

AIS Preparation Steps:

Step 01 - PAN Population:

It is possible that the PAN will be filled by matching Aadhar with other essential factors in the event that the information provided is not an actual PAN.

Step 02 - Information Display:

The information reported is usually displayed next to the PAN holders. The presentation logic for specific information, such as bank accounts, property, Demat account, etc. The goal is to present details to relevant PAN holders to allow for evaluation and feedback.

Step 03 - Information Deduplication:

The information that has the lower value is classified in the form of "Information is duplicate / included in other information" by automatic rules when the exact information is reported under different categories of information (for instance, the reporting of interest/dividends within SFT as well as TDS).

Step 04 - Preparation of the Taxpayer Information Summary (TIS):

The summary of information for the aggregated taxpayer an individual taxpayer is created by the information category following deduplication that is based on established rules. It provides values that have been processed (i.e. value derived after deduplication of data with pre-established processes) and the value derived under each category of information (i.e. value that is derived from the feedback of taxpayers as well as the processed value).

Processing of AIS Feedback:

The Annual Information Statement (AIS) will include a log of the assessor’s comments along with separate displays of the amount reported and for the change in value (i.e. the value following feedback).

A Taxpayer Information Summary's derivable value--the amount that was calculated after accounting for assesses input - will be adjusted using the input of the assessed (TIS)

Automatic rules will be utilized to process and display information from the AIS that is assigned to other PANs and the years of the taxpayer's own AIS.

Feedback will be analysed according to guidelines of risk management if given information is changed or derided, risky feedback being flagged for further investigation.