AIS for Income Tax Returns and How to Access and Correct Errors in it

 

AIS for Income Tax Returns and How to Access and Correct Errors in it

The Income Tax Department Monday said it is in the process of issuing notice to taxpayers about ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-a-vis information of specified financial transactions, as available with the department, for the assessment year 2021-22 (FY 2020-21).

The tax department urged taxpayers to access their Annual Information Statement (AIS) through the e-filing portal of the department’s website and review the AIS. If any discrepancies, mismatches or missing information is flagged, update the ITRs (ITR-U). So, what is this Annual Information Statement? How can it be accessed and how to correct the errors in AIS?

Contents  hide 
1 What is an Annual Information Statement?
2 How to access the Annual Information Statement?
3 How to correct errors in the Annual Information Statement
3.1 Related

What is an Annual Information Statement?

The Annual Information Statement—introduced in November 2021— gives taxpayers a single comprehensive statement on all their financial transactions done in a financial year. The statement is available in the income tax portal and includes financial transactions reported by banks, RTOs, stock exchanges, etc, with the Income Tax Department.

Annual Information Statement is divided into two parts: Part A (General Information of the taxpayer) and Part B (TDS/TCS Information)

Part A: This part of AIS contains the taxpayer’s general information, including his name, PAN, masked Aadhaar number, date of birth, mobile number, e-mail ID, address, etc. 

Part B: This part of AIS contains the taxpayer’s financial transaction information, including tax deducted at source (TDS), tax collected at source (TCS), specified financial transactions (SFTs), payment of taxes, demand and refund, gains from other sources like lottery, crossword puzzle or horse race etc, receipt of accumulated balance from provident fund (PF), interest from bonds, government securities, offshore fund, shares of Indian companies, insurance commission etc.

The key objective of an Annual Information Statement is to enable the seamless filing of income tax returns (ITR) for taxpayers, promote voluntary compliance and, most importantly, deter non-compliance.

How to access the Annual Information Statement?

To access the Annual Information Statement, the taxpayers should log in to the I-T e-filing website www.incometax.gov.in and follow the following steps: 

OR 

How to correct errors in the Annual Information Statement

Taxpayers who feel that the information reflected in AIS for the given assessment year is not inaccurate can submit a corrected response. The statement can be evaluated for all entries, including personal information and financial transactions.

Steps to correct the error in the Annual Information Statement: 

  • Login to the new Income tax e-filing portal incometax.gov.in
  • Select ‘Annual Information Statement (AIS)’ under the ‘Services tab’
  • A new window will pop up, giving two options: Taxpayer Information Summary (TIS) and Annual Information Statement (AIS)
  • Click on the AIS
  • A new window will pop up, and you will see Part A and Part B of the AIS 
  • Now, select the information which is not correct
  • Select ‘Optional’ to submit your feedback
  • There will be seven options available to you. Select the option applicable from the drop-down menu
  • Now, click on Submit

As soon as taxpayers submit feedback, the status is updated in real time.

  1. FAQs on AIS (Annual Information Statement)

Q-1 What is Annual Information Statement (AIS)?

Annual Information Statement (AIS) is comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayer can provide feedback on information displayed in AIS. AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information).

The objectives of AIS are:

  • Displays complete information to the taxpayer with a facility to capture online feedback
  • Promotes voluntary compliance and enable seamless prefilling of return
  • Deters non-compliance

For more information, navigate to AIS under e-File/AIS menu after login.

Q-2 What is the difference between AIS and Form 26AS?

AIS is the extension of Form 26AS. Form 26AS displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year. AIS additionally includes savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover etc. 

AIS also provides the taxpayer the option to give feedback on the transactions reported. Further, the aggregation of transactions on information source level is also reported in TIS.

For more information, navigate to AIS under e-File/AIS menu after login.

Q-3 How can I view the Annual Information Statement?

You can access the Annual Information Statement functionality by following below mentioned steps: 

  • Step 1: Login to URL https://www.incometax.gov.in/.
  • Step 2: After login, click Annual Information Statement (AIS) menu on dashboard.
  • Step 3: Click on Proceed button which will redirect to AIS portal and click on AIS tile to view the Annual Information Statement.

Alternatively,

  • Step 1: Login to URL https://www.incometax.gov.in/.
  • Step 2: After login, click e-File menu.
  • Step 3: Click on Income Tax Return > View AIS.
  • Step 4: Click on Proceed button which will redirect to AIS portal and click on AIS tile to view the Annual Information Statement.

Q-4 What are the components of Annual Information Statement (AIS)?

The information shown on AIS is divided in two parts:

PART A- General Information

Part A displays general information pertaining to you, including PAN, Masked Aadhar Number, Name of the Taxpayer, Date of Birth/ Incorporation/ Formation, mobile number, e-mail address and address of Taxpayer.

PART B – TDS/TCS Information

Information related to tax deducted/collected at source is displayed here. The Information code of the TDS/TCS, Information description and Information value is shown.

  • SFT Information: Under this head, information received from reporting entities under Statement of Financial transaction (SFT) is displayed. The SFT code, Information description and Information value is made available.
  • Payment of Taxes: Information relating to payment of taxes under different heads, such as Advance Tax and Self-Assessment Tax is shown. 
  • Demand and Refund: You will be able to view the details of the demand raised and refund initiated (AY and amount) during a financial year. (Details related to Demand will be released soon).
  • Other Information: Details of the information received from the other sources, such as data pertaining to Annexure II salary, Interest on refund, Outward Foreign Remittance/Purchase of Foreign Currency etc. is displayed here.

For more information, navigate to AIS under e-File/AIS menu after login.

Q-5 What does General information part contain under AIS?

General information displays the general information pertaining to you, including PAN, Masked Aadhar Number, Name of the Taxpayer, Date of Birth/ Incorporation/ Formation, mobile number, e-mail address and address of Taxpayer.

For more information, navigate to AIS under e-File/AIS menu after login.

Q-6 Can I track the activity history in AIS?

Yes, you can track the activity history in AIS by clicking on the Activity History button on AIS homepage. You will be provided a summary view of activity performed on the AIS functionality. System generated ID (Activity ID) will be created for each performed activity, and the Activity date, Activity description and detail will be displayed under this tab.

For more information, navigate to AIS under e-File/AIS menu after login.

Q-7 What does Taxpayer Information Summary (TIS) contain under AIS?

Taxpayer Information Summary (TIS) is an information category wise aggregated information summary for a taxpayer. It shows processed value (i.e. value generated after deduplication of information based on pre-defined rules) and derived value (i.e. value derived after considering the taxpayer feedback and processed value) under each information category (e.g. Salary, Interest, Dividend etc.). The derived information in TIS will be used for pre-filling of return, if applicable.

You will be shown various details within the Taxpayer Information Summary such as,

  • Information Category
  • Processed Value
  • Derived Value

Further, within an Information Category, following information is shown:

  • Part through which information received
  • Information Description
  • Information Source
  • Amount Description
  • Amount (Reported, Processed, Derived)

For more information, navigate to AIS under e-File/AIS menu after login.

Q-8 In what all formats can I download my AIS?

You can download Annual Information Statement (AIS) in PDF, JSON, CSV file formats.

Q-9 How do I submit feedback on the information?

You can submit feedback on active information displayed under TDS/TCS Information, SFT Information or Other information by following below mentioned steps: 

  • Step 1: Click on 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 feedback option).
  • Step 3: Click Submit to submit the feedback

For more information, navigate to AIS under e-File/AIS menu after login.

Q-10 What will happen once I submit the feedback?

Upon successful submission of feedback on AIS information, the feedback will be displayed with the information and the modified value of the information will also be visible with the reported value. The activity history tab will also be updated, and you will be able to download Acknowledgement Receipt. Email and SMS confirmations for submission of feedback will also be sent.

For more information, navigate to AIS under e-File/AIS menu after login.

Q-11 Would I get any confirmation on submission of AIS feedback?

Yes, after successful submission of your feedback on AIS information, the activity history tab will be updated, and you will be able to download Acknowledgement Receipt of the same. Email and SMS confirmations for submission of feedback will also be sent.

Q-12 What is AIS Consolidated Feedback file?

AIS Consolidated Feedback file (ACF) gives the taxpayers a facility to view all their AIS feedback (other than feedback, ‘Information is correct’) related information in one pdf for easy understanding. After submitting the feedback of the AIS, you can download the AIS consolidated feedback file (PDF). 

For more information, navigate to AIS under e-File/AIS menu after login.

Q-13 Is there any limit on the number of times I can modify a given feedback?

Currently, there is no limit on the number of times you can modify previously given feedbacks.

Q-14 Can I verify the GST turnover in AIS?

Yes, AIS does display the information related to GST turnover under information code (EXC-GSTR3B). The same would be visible in the Other Information tab in AIS.

Q-15 Is there any video tutorial available for AIS?

Yes, there is an informational video available on YouTube for AIS. This video can be accessed here.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the Corona ep
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the Incom
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5% TDS on amounts exceedi
Read more