Have you filed your Income Tax Return for FY 2020-21 (AY 2021-22) Yet?
If Yes, then had you checked your AIS (Annual Information Statement) & TIS (Taxpayer Information Summary) before filing your Income Tax Return.
If No, then perhaps YOU HAVE MADE A BIG MISTAKE WHILE SUBMITTING YOUR INCOME TAX RETURN.
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 the TRACES portal will also continue in
parallel till the new AIS is validated and completely operational.
The new AIS includes additional information relating to interest, dividend, securities transactions,
mutual fund transactions, foreign remittance information, etc. The reported information has been
processed to remove duplicate information.
The taxpayer will be able to download AIS information in
PDF, JSON, CSV formats.
If the taxpayer feels that the information is incorrect, relates to other people/year, duplicates, 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 an 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.
A simplified Taxpayer Information Summary (TIS) has also been generated for each taxpayer which
shows the 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 the 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 the 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 the 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 the 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.
Taxpayers may refer to the AIS documents (AIS Handbook, Presentation, User Guide, and FAQs)
provided in the “Resources” section or connect with the helpdesk for any queries through the “Help” section
on the AIS Homepage.
Thanks & Regards
CA Shivam Gupta
Contact no : +91-9634064288,8218368465
Kindly give your valuable feedback/query on shivamgupta.ca.bly@gmail.com
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By CA Shivam Gupta. Originally published on Tax Advisor – Your Own Tax Guide. This article reflects its original publication date; provisions and deadlines may have changed.