Annual Information Statement

What is an Annual Information Statement (AIS)?

AIS, full form is Annual Information Statement, which is an overview of the taxpayer's information on Form 26AS. With the compliance of Form 26AS, AIS also includes interest, dividends, securities transactions, bank transactions, bank credit card transactions, mutual funds transactions, overseas remittance information, and demand/funds.

Taxpayers are also allowed to provide feedback about the AIS if they find any errors or incorrect information on the statement. After considering the feedback from the taxpayer, AIS displays both the value reported and derived. The AIS password is needed to enter to view the document. AIS displays the taxpayer's financial transactions throughout the financial year.

Objectives of Annual Information Statement

The objectives of AIS are given below:

• It provides the complete information to the taxpayers. It also includes the ability to provide online feedback.
• It determines the non-compliance.
• It encourages voluntary compliance by allowing easy prefilling of the income tax returns and avoiding the underreporting of income.
• If there are any errors, the taxpayers can provide feedback on the information provided by AIS.

Features of AIS

The features of the Annual Information Statement are as follows:

• It includes the new data about the taxpayer, such as dividends, interests, securities transactions, mutual fund transactions, International remittance data, and many more.
• The AIS utility allows the taxpayers to view the statement and provide feedback if they have any.
• The duplication of the information is eliminated, and a straightforward Taxpayer Information Summary is generated, which is helpful for the return filing.
• The taxpayers are allowed to download the data in different formats like PDF, CSV, and JSON, and provide online feedback.
• There is also an AIS mobile app, which makes it easier for taxpayers to view AIS and provide feedback on the device.