How is Annual Information Statement different from Form 26AS

Summary of the Transactions which will be reflected in Form 26AS and AIS

The below-mentioned transactions are Non TDS deducted and Non-SFT-reported transactions

What is AIS?

The Annual Information Statement (AIS) is basically a utility/form that is available on the Income Tax website that reveals all of the taxpayer's financial and tax-related information. It is an extension of Form 26AS, which contains information on SFT and taxes deducted throughout the year

The new AIS now includes information such as interest, securities transactions, mutual fund transactions, dividends, foreign remittance information etc.

From an Annual Tax Statement, the new Form has now become an Annual Information Statement (AIS). Though at present both Form 26AS and AIS are currently available on the portal the old Form 26AS would be discontinued and replaced by the AIS till the new AIS is validated and completely operational.

Components of AIS

There are broadly two components of AIS viz., TIS and AIS. While AIS contains comprehensive data related to TDS, bank interest, foreign remittances, mutual funds, etc.

TIS gives a summary of this information. It simply means that the aggregated value is displayed to the taxpayer for ease of filing tax returns.

AIS is further divided into two parts, Part A & Part B

Part A :- It includes information such as DOB, PAN, mobile number, address, and other details

Part B:- Form contains the following information

1. Tax deducted or collected at the source
2. specified financial transactions (SFT)
3. payment of taxes
4. demand and refund
5. pending proceedings
6. completed proceedings

The Difference between AIS and Form 26AS

Form 26 AS only mentions high-value transactions and tax deducted at source

AIS includes full data of savings bank interest, interest on deposits, capital gains, foreign remittances, and share transactions

Note: It is important to note that AIS shows only that information that is available to the income tax department. The transactions that are not available with them shall be reported by the taxpayer accurately to avoid any penalties or notices.

AIS would make it much easier to file an Income Tax Return (ITR) by consolidating more details than Form 26AS

How to View and Read AIS

To view your AIS, you first need to log in to the income tax portal. Once you have logged in, click on the Services tab and then on 'Annual Information Statement.' You will see a separate page with three tabs.

• Instructions
• AIS (There will be two options: TIS & AIS)
• History

How to Open the AIS Statement

PAN in small case letters and Data of Birth of the Assesses

The AIS aims to capture all financial transactions of the previous year like

1. Stocks
2. Insurance
3. Credit Cards
4. Purchase of property
5. Mutual Funds
6. Salary or Business income
7. Dividends
8. Interest on SB A/c and Deposits.

Many taxpayers got lower refunds this year due to data mismatch between Form26AS (from NSDL) and the pre-filled income tax forms (maintained by the income-tax department).

Any refund related to last year will be displayed in AIS the same will not be available in 26AS only the Interest component will be available in 26AS.

If the information mentioned in the AIS Incorrect?

There are chances where the information reflected in AIS may not match the actual information

We can submit feedback on the information by the following steps :

Step 1: Click on the “Optional” button mentioned in the Feedback column for relevant information. You will be directed to ‘Add Feedback’ screen.

Step 2: Choose the relevant feedback option and enter the feedback details (dependent on the feedback option).

Step 3: Click “Submit” to submit the feedback

There is an informational video available on YouTube for AIS. This video can be accessed here by clicking the below Link.

Detailed information on Annual Information Statement functionality