All about 26AS, AIS & TIS

 

All about 26AS, AIS &  TIS

 

All of us who file Income Tax Return know what is 26AS. It is summery of Tax paid during a Financial year under your PAN by different deductors like your Employer , Bank, Investment companies etc. In most cases it  correctly mentions total Tax paid during a FY under your PAN , however it does not mention detailed financial transactions done under your PAN .

 

The Income Tax Department, on November 1, 2021, launched a new statement for taxpayers called the Annual Information Statement (AIS). The new AIS provides the taxpayer with details of most digital financial transactions carried out by him/her during a financial year (FY).
The AIS contains more information than what is available in a taxpayer's Form 26AS.

 
Here is all you need to know about AIS and how it is different from Form 26AS.

What is AIS?

The AIS is a comprehensive statement containing details of financial transactions done by you and reported by various entities (mostly financial institutions) to the tax department during an FY. This includes receipt/income from different sources such as salary, interest etc. or sale or purchase of securities such as equity shares, mutual funds, bonds etc. For instance, any sale or purchase of shares or mutual fund units or dividend or interest received will be  reflected in the AIS.

 

AIS is divided into two parts: Part A and Part B. Part A contains general information such as PAN, masked Aadhaar number, name of taxpayer, date of birth etc. Part B contains comprehensive information of TDS, TCS, Specified financial transactions, payment of taxes, tax demand and refund and other information.

What is TIS

Along with AIS, the income tax department also introduced the Taxpayer Information Summary (TIS). This is a simplified way of viewing the information from the AIS. As per the income tax department press release, "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 .

 

Before filing your Tax Return , first ,you should carefully go through your AIS and note down all transactions and match with your Form16 and modify your Income statement carefully before filing Tax Return .  However  if you discover any error in your TIS or AIS, then you need to get it corrected in the AIS, which will be simultaneously corrected in TIS as well in real-time. It is important to check the AIS and give your feedback. In case there is an error and you have not given feedback requesting correction, then it may be assumed that the information reflecting in AIS is correct and the income tax department may ask you to explain the mismatch between the income tax return filed by you and the inform ..

How to download AIS from the e-filing website.

Step 1: Login into your account on the government's e-filing portal at www.incometax.gov.in.

Step 2: Under the 'Services' tab, select 'Annual Information Statement (AIS)'. A pop-up will appear on your screen. Click on 'Proceed'. You will be redirected to another website.

Step 3: On the web page tab that opens, select 'AIS'.

Step 4: You will have to select either of the two options: Taxpayer Information Summary (TIS) or Annual Information Statement (AIS). It will also show the financial year for which AIS is being downloaded, your PAN and name.

Step 5: Select the download Arrow on the AIS box. A pop-up will appear asking you to select the format for downloading AIS. The statement can be downloaded in PDF format and JSON utility.

Once downloaded , open the PDF file. The PDF is password protected. The password to access the downloaded PDF is a combination of your PAN and date of birth. For instance, if your PAN is AAAAA0000A and your date of birth is January 1, 1991, the password for the PDF will be AAAAA0000A01011991.

After opening please go through the statement carefully and see that there is no mismatch in your draft return and AIS.

 

@Ajit Kumar Singh